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of <h1>Finance Bill 2016 amends Section 44AA, requiring specific businesses to maintain accounts if income exceeds threshold.</h1> Clause 24 of the Finance Bill, 2016 amends section 44AA of the Income-tax Act concerning the maintenance of accounts by individuals engaged in business or profession. The amendment revises sub-section (2), clause (iv), requiring those subject to sub-section (4) of section 44AD, whose income exceeds the non-taxable threshold, to maintain books of account and relevant documents for income computation. This amendment is effective from April 1, 2017, applicable to the assessment year 2017-2018 and subsequent years.
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