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

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..... - 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 .....

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..... re, or is, likely to exceed ten lakh rupees, during such previous year to enable the Assessing Officer to compute his total income. It is proposed to amend sub-section (2) of the said section so as to provide that the monetary limits of income and total sales, turnover or gross receipts specified in clauses (i) and (ii) shall be enhanced from one lakh twenty thousand rupees to two lakh fifty th .....

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