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Clause - 019 - Amendment of section 44AA.
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 documents if the income from business or profession exceeds one lakh twenty thousand rupees or total sales, turnover or gross receipts, as the case may be, in business or profession exceed or exceeds ten lakh rupees in any one of the three years immediately preceding the previous year to enable the Assessing Officer to compute total income.
Clause (ii) of sub-section (2) of the said section, provides that certain persons carrying on newly set up business or profession in any previous year, are required to maintain books of account and such other documents if the income from such business or profession is likely to exceed one lakh twenty thousand rupees or total sales, turnover or gross receipts, as the case may be, in business or profession are, or is, likely to exceed ten lakh rupees, during such previous year to enable the Assessing Officer to compute his total income.
It is proposed to amend sub-section (2) of the said section so as to provide that the monetary limits of income and total sales, turnover or gross receipts specified in clauses (i) and (ii) shall be enhanced from one lakh twenty thousand rupees to two lakh fifty thousand rupees and from ten lakh rupees to twenty-five lakh rupees, respectively, in the case of an individual and a Hindu undivided family.
This amendment will take effect from 1st April, 2018 and will, accordingly, apply in relation to the assessment year 2018-2019 and subsequent years.
Maintenance of books obligation raised for individuals and HUFs, reducing the number required to keep accounts under tax law. The amendment raises the monetary thresholds triggering the maintenance of books and documents for individuals and Hindu undivided families: income threshold increased from one lakh twenty thousand rupees to two lakh fifty thousand rupees, and total sales/turnover/gross receipts threshold increased from ten lakh rupees to twenty five lakh rupees; the change applies from 1 April 2018 for assessment year 2018 19 and onward. of Press 'Enter' after typing page number.
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