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Amendment of section 44AB.

Clause 25 - Bills - DIRECT TAXES - Bill - Clause 25 - 25. In section 44AB of the Income-tax Act, with effect from the 1st day of April, 2017,- (i) in clause (b), for the words twenty-five lakh rupees , the words fifty lakh rupees shall be substituted .....

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r the words previous year , the words previous year; or shall be substituted; (iii) after clause (d) and before the long line, the following clause shall be inserted, namely:- (e) carrying on the business shall, if the provisions of sub-section (4) o .....

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certain persons carrying on business or profession. Sub-clause (i) of the said clause seeks to amend clause (b) of the aforesaid section. The said clause provides that every person carrying on a profession is required to get his accounts audited bef .....

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clause (d) of the said section so as to provide that in the case of an assessee, who is covered under the new proposed section 44ADA, the audit of books of account is required if he claims that the profits and gains from the profession are lower than .....

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