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of <h1>Income Tax Act Section 44AA Amendment: Higher Thresholds for Individuals and HUFs Effective April 1, 2018.</h1> Section 44AA of the Income-tax Act was amended by the Finance Act, 2017, effective April 1, 2018. The amendment modifies the monetary thresholds for individuals and Hindu undivided families. The first proviso increases the threshold from one lakh twenty thousand rupees to two lakh fifty thousand rupees. The second proviso raises the threshold from ten lakh rupees to twenty-five lakh rupees. These changes impact the applicability of certain clauses within the section for the specified taxpayers.
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