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of <h1>Amendment to Section 44AB: Exemption from Audit for Small Businesses Under Section 44AD with Sales Under 2 Crore</h1> Clause 20 of the Finance Bill, 2017, amends section 44AB of the Income-tax Act, which mandates audit of accounts for businesses with sales exceeding one crore rupees. The amendment introduces a proviso exempting individuals declaring profits under section 44AD from this audit requirement if their total sales, turnover, or gross receipts do not exceed two crore rupees in the previous year. Additionally, minor wording changes are made to the existing provisos. This amendment is effective from April 1, 2017, applicable to the assessment year 2017-2018 and subsequent years.
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