About Mentainance of books of accounts

For Asst year 2019_ 20 What is the monetary limit For Commission Business U/S 44AB to maintain Books of accounts is there any Relaxatoin please Give answer
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Quick Summary
This discussion clarifies the requirements for maintaining books of accounts under the Income Tax Act, specifically Sections 44AA and 44AB. Generally, individuals and HUFs must maintain books if their total income exceeds £2.5 lakh or their total turnover surpasses £25 lakh. The query also touches upon the monetary limit for commission businesses under Section 44AB, which is typically £1 crore, but the provided answer focuses on the broader maintenance criteria.

One crore is the limit

Section 44AB  of  the Income Tax act 1961 is  for  Audit  of  Books of  Accounts for certain persons carrying  Business & profession ,So as per section 44AA of the Income Tax act  if  your profit exceeds 250000/-  or your turnover exceeds 25 lac  you have to main ten  books  of  accounts . 

Sorry... if your total income exceeds 2.5 lakhs or if your total turnover exceeds 25 lakhs, you need to maintain books of accounts, in case of individual or huf

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