Maintenance of accounts required where presumptive taxation applies and income exceeds the exemption threshold, effective for subsequent assessment years. The clause substitutes the recordkeeping trigger in subsection (2) to require every person carrying on business to keep and maintain books of account and other documents where the presumptive taxation provision is applicable and the person's income exceeds the maximum amount not chargeable to tax; the amendment takes effect from 1 April, 2017 and applies to the assessment year 2017-2018 and subsequent years.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Maintenance of accounts required where presumptive taxation applies and income exceeds the exemption threshold, effective for subsequent assessment years.
The clause substitutes the recordkeeping trigger in subsection (2) to require every person carrying on business to keep and maintain books of account and other documents where the presumptive taxation provision is applicable and the person's income exceeds the maximum amount not chargeable to tax; the amendment takes effect from 1 April, 2017 and applies to the assessment year 2017-2018 and subsequent years.
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