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of <h1>Income-tax Act Section 44AA Amended: New Monetary Thresholds for Bookkeeping from April 1999</h1> Section 44AA of the Income-tax Act has been amended by the Finance (No. 2) Act, 1998, effective from April 1, 1999. The amendment increases the monetary thresholds within sub-section (2). The term 'forty thousand' is replaced with 'one lakh twenty thousand,' and 'five hundred thousand' is replaced with 'ten lakh.' These changes adjust the financial criteria for maintaining books of accounts under the specified section.
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