Maintenance of accounts thresholds increased for individuals and HUFs, raising income and turnover limits from the notified assessment year. Amendment increases the monetary thresholds in section 44AA(2) for individuals and Hindu undivided families so that clauses (i) and (ii) require maintenance of books and documents only when income or total sales, turnover or gross receipts exceed the newly prescribed higher limits; the change applies to both ongoing and newly set up businesses and takes effect from the notified commencement for the relevant assessment year and subsequent years.
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Provisions expressly mentioned in the judgment/order text.
Maintenance of accounts thresholds increased for individuals and HUFs, raising income and turnover limits from the notified assessment year.
Amendment increases the monetary thresholds in section 44AA(2) for individuals and Hindu undivided families so that clauses (i) and (ii) require maintenance of books and documents only when income or total sales, turnover or gross receipts exceed the newly prescribed higher limits; the change applies to both ongoing and newly set up businesses and takes effect from the notified commencement for the relevant assessment year and subsequent years.
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