44-AA - Increasing the threshold
limit for maintenance of books of accounts in case of Individuals and Hindu
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
It is proposed to increase the
threshold limit to Rs. 2,50,000/- and Rs. 25,00,000/- respectively.
amendment will be effective from 1st April 2018.