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Threshold limit for maintenance of books of accounts in case of individuals and HUF - Monetary limit enhanced from ₹ 1,20,000 to ₹ 2,50,000 of total income and from ₹ 10,00,0000 to ₹ 25,00,000 of total sales, turnover or gross receipts, respectively - Budget 2017-18 w.e.f. AY 2018-19

Dated:- 3-2-2017 - Clause - 019 - Amendment of section 44AA. THE FINANCE BILL, 2017 Clause 19 of the Bill seeks to amend section 44AA of the Income-tax Act relating to maintenance of accounts by certain persons carrying on profession or business. Cla .....

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sand rupees or total sales, turnover or gross receipts, as the case may be, in business or profession exceed or exceeds ten lakh rupees in any one of the three years immediately preceding the previous year to enable the Assessing Officer to compute t .....

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such business or profession is likely to exceed one lakh twenty thousand rupees or total sales, turnover or gross receipts, as the case may be, in business or profession are, or is, likely to exceed ten lakh rupees, during such previous year to enab .....

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