Amendment of section 44AB. - audit of accounts of certain ...

Audit Mandate Amended: Section 44AB Now Requires Audit for Professionals u/s 44ADA if Profits Claimed Below Standard.

March 1, 2016

Act Rules     Bill

Amendment of section 44AB. - audit of accounts of certain persons carrying on business or profession - 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 the profits and gains computed in accordance with the provisions of sub-section (1) of the proposed new section and if his income exceeds the maximum amount which is not chargeable to income-tax.

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