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of <h1>Finance Bill 2023: Amendment to Section 44AB exempts certain professionals from audit requirements starting April 2024.</h1> Clause 15 of the Finance Bill, 2023, proposes an amendment to section 44AB of the Income-tax Act, which pertains to the audit of accounts for certain business or professional entities. The amendment seeks to replace the first proviso, exempting individuals who declare their profits and gains for the previous year under sub-section (1) of section 44AD or section 44ADA from the audit requirements of section 44AB. This change will be effective from April 1, 2024, and will apply to the assessment year 2024-2025 and subsequent years.
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