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
3 February, 2017
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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 ... Summary
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.
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