Exclusion of certain specified person from requirement of audit of accounts under section 44AB :

CLAUSE(S) OF FINANCE BILL, 2017	PARTICUL ARS OF AMENDME NTS	SECTION	AMENDMENT / NEWLY INSERTED	APPLICABLE W.E.F.	BRIEF OF AMENDMENT
20	Exclusion of certain specified person from requirement of audit of accounts under section 44AB	Section 44AB (First Proviso) Inserted	Amendment	1st April, 2017	The Clarification issued by CBDT vide Press Release dated 20-06-2016 “Threshold Limit of tax audit under section 44AB and section 44AD” is proposed to be enacted in the law as Proviso to Section 44AB that an eligible person is not required to gets its books of accounts audited u/s 44AB, who opts for presumptive scheme u/s 44AD and the total sales, total turnover or gross receipts, as the case may be, in business does not exceed Rs. 2 crore in such previous year.