Published in:
IIFL
Pubished on:
1 Feb 2017
While presenting the General Budget 2017-18 in Lok Sabha here today, the Union Finance Minister, Shri Arun Jaitley announced a slew of relief in the Government’s continuing policy towards providing an environment of “Ease of Doing Business”.
The Finance Minister Jaitley raised the threshold limit for audit of business entities that opt for presumptive income scheme from Rs 1 crore to Rs 2 crore. Similarly, the threshold for the maintenance of books for individuals and HUF is proposed to be increased from turnover of Rs 10 lakhs to Rs 25 lakhs or income from Rs 1.2 lakhs to Rs 2.5 lakhs.