What is the turnover limit for Audit of businesses?

Any person carrying on a business must get accounting records audited if turnover exceeds Rs 1 crore. [As per section 44AB of the income tax act].
With the change in turnover limit for presumptive income, there has been some confusion about applicability of audit for businesses and professions. Let’s understand this in detail.
Audit for Businesses
For financial year FY 2015-16 (income tax return filing for AY 2016-17) you must get an audit done if your turnover is more than Rs1 crore. Those with turnover of Rs 1crore or less can opt for the presumptive income scheme. Under this scheme, income is assumed to be 8% of turnover. Books of accounts are not required to be maintained and audit is not applicable.
Starting financial year FY 2016-17 ((income tax return filing for AY 2017-18), the turnover limit for businesses which can opt for presumptive income scheme has been increased from Rs 1crore to Rs 2 crore. Section 44AB however continues to prescribe audit for those with turnover in excess of Rs 1 crore. There is no amendment to Section 44AB.
For financial year FY 2016-17, audit will apply for businesses with turnover in excess of 1 crore. The higher limit for non-audit is only available to those who opt for presumptive income scheme.
There is no change in audit requirement for businesses NOT covered under presumptive scheme.
Audit for Professionals
For financial year FY 2015-16 (return filing for AY 2016-17) a professional must get an audit done if total receipts are more than Rs25 lakhs. Presumptive income scheme is not available to professionals for financial year 2015-16.
Starting financial year FY 2016-17 ((return filing for AY 2017-18), presumptive income scheme has been extended to professionals with receipts up to Rs 50 lakhs. Under this scheme, their income is assumed to be 50% of receipts. Books of accounts are not required to be maintained and audit is not applicable.
Starting financial year FY 2016-17, the turnover limit for audit for professionals continues to be 25 lakhs. There is no amendment to Section 44AB. There is no change in audit requirement for professionals NOT covered under presumptive scheme.