<h1>Finance Minister Unveils Business-Friendly Budget: Higher Audit Thresholds, Tax Exemptions, and Simplified Tax Procedures.</h1> The Finance Minister announced measures to enhance the Ease of Doing Business in the 2017-18 budget. Key changes include raising the presumptive income scheme audit threshold for businesses from Rs. 1 crore to Rs. 2 crore and increasing the threshold for book maintenance for individuals and HUFs. Foreign Portfolio Investors in Category I and II are exempt from indirect transfer provisions under the IT Act. Individual insurance agents with income below the taxable limit are exempt from 5% TDS on commission. Professionals earning up to Rs. 50 lakhs can pay advance tax in one installment. The timeline for revising tax returns and scrutiny assessments has been reduced.