Threshold limit for maintenance of books of accounts in case of individuals and HUF - Monetary limit enhanced from 1,20,000 to 2,50,000 of total income and from 10,00,0000 to 25,00,000 of total sales, turnover or gross receipts, respectively - Budget 2017-18 w.e.f. AY 2018-19

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....19 - Amendment of section 44AA. THE FINANCE BILL, 2017 Clause 19 of the Bill seeks to amend section 44AA of the Income-tax Act relating to maintenance of accounts by certain persons carrying on profession or business. Clause (i) of sub-section (2) of the said section, provides that certain persons carrying on business or profession are required to maintain books of account and such other docume....