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Section – 44-AA - Increasing the threshold limit for maintenance of books of accounts in case of Individuals and Hindu undivided family

 

According to the existing provisions, every person being Individual or HUF carrying on business or profession (excepting specified category) and whose income gross receipts exceed Rs. 1,20,000/- / Rs. 10,00,000/- respectively is received to maintain books of account.

 

It is proposed to increase the threshold limit to Rs. 2,50,000/- and Rs. 25,00,000/- respectively.

 

The amendment will be effective from 1st April 2018.


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