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of <h1>Finance Bill 2017 doubles audit threshold to Rs. 2 crore for profits u/s 44AD, effective April 1, 2017.</h1> The Finance Bill, 2017 amends section 44AB of the Income-tax Act to increase the threshold for mandatory audit of accounts from one crore rupees to two crore rupees for individuals declaring profits and gains under section 44AD. This change exempts those whose total sales, turnover, or gross receipts do not exceed two crore rupees from the audit requirement, provided they declare profits as per section 44AD. This amendment is effective from April 1, 2017, applicable to the assessment year 2017-2018 and onwards.
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