Threshold limitation Increased for maintenance of books of accounts of People and HUF in Financing Costs 2017 Increasing the threshold limitation for upkeep of books of accounts in case of Individuals and Hindu undivided family. Hi Friends in union spending plan 2017 govt Increasing the threshold limit for maintenance of books of accounts in case of People & HUF. Now check more information from below …
The existing provisions of stipulation (i) and provision (ii) of sub-section (2) of area 44 AA of the Act cast a commitment on everyone carrying on business or occupation [other than those mentioned in sub-section (1) such as legal, medical, engineering or architectural profession or the profession of accountancy or technical consultancy or interior decoration or any other profession as is notified by the Board in the Official Gazette] to maintain such books of accounts and files in the previous year to make it possible for the Assessing Officer to compute his total earnings in accordance with the arrangements of Act, provided that the income and overall sales or turn over or gross receipts, etc specified in said provisions surpasses rupees one lakh twenty thousand and rupees ten lakh, respectively
In order to minimize the compliance problem, it is proposed to amend the arrangements of section 44 AA to increase financial limits of income and overall sales or turn over or gross receipts, etc defined in stated provisions for upkeep of books of accounts from one lakh twenty thousand rupees to 2 lakh fifty thousand rupees and from 10 lakh rupees to twenty-five lakh rupees, respectively in the case of Individuals and Hindu undivided household carrying on service or profession.
This modification will work from 1st April, 2018 and will, accordingly, apply in relation to the evaluation year 2018-19 and subsequent years.
[Clause 19]
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Finance Expense 2017, Direct tax Changes in Budget plan 2017– Download
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