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Threshold limit for maintenance of books of accounts in case of individuals and HUF - Monetary limit enhanced from ₹ 120000 to ₹ 250000 of total income and from ₹ 10000000 to ₹ 2500000 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. Clause (i) of sub-section (2) of the said section, provides that certain persons carrying on business or profession are required to maintain books of account and such other documents if the income from business or profession exceeds one lakh twenty thou .....

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