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Practical Income Tax
Important Changes in Income Tax 2019 -20

Existing (Financial Year 2016 - 2017 or AY 2017-18)

It is compulsory to maintain books of accounts if

If turnover >10,00,000

or

PGBP Income >1,20,000

or both

in any of last 3 years

(In case of new business, where turnover is likely to exceed 1000000 or Total income Likely to Exceed 120000 during Current Year)


New (Financial Year 2017 - 2018 or AY 2018-19)

It is compulsory to maintain books of accounts if

If turnover >25,00,000

or

PGBP Income >2,50,000

or both

in any of last 3 years

(In case of new business, where turnover is likely to exceed 2500000 or Total income Likely to Exceed 250000 during Current Year)

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Davneet Singh

Davneet Singh is a graduate from Indian Institute of Technology, Kanpur. He has been teaching from the past 12 years. He provides courses for Maths and Science at Teachoo.