banner_ad

Income above rs. 120000

This query is : Resolved 
Profile Image

Profile Image

(Querist)
25 May 2013 Dear Sir/Mam,

Please tell whether there is any limit of income of Rs. 120000 for mandatory Book maintenance with the Assesse if whole income is from Other sources.

I am confused whether this mandatory provision is for Book profit or for all the incomes.

Thanking You.
Profile Image

HUZAIFA HUSSAIN

Profile Image

HUZAIFA HUSSAIN (Expert)
25 May 2013 U/S 44AA IF THE INCOME FROM BUSINESS EXCEEDS RS.150000/- THAN MAINTENANCE OF BOOKS OF ACCOUNTS IS MANDATORY.

IF THERE IS NO BUSINESS, BOOKS OF ACCOUNTS ARE NOT REQUIRED. HOWEVER THE TRACK OF SOURCE OF INCOME SHALL BE MAINTAINED.
Profile Image

Bhaskaran Chackrapani Warrier

Profile Image

Bhaskaran Chackrapani Warrier (Expert)
25 May 2013 Huzaifa Ji

It is Rs. 1,20,000/- (and not Rs.1,50,000/-) as per section 44AA (2) (i) and (ii) of the Income tax Act,1961.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
26 May 2026
CA / MBA (Finance) / CMA / M.Com (Finance)

Sri Aurobindo Gnostic Centre of Education

New Delhi

CA

View Details
Company
16 May 2026
Audit clerk

mgirt & co

Bengaluru

CA Inter

View Details
Company
ARTICLESHIP 23 May 2026
Article Assistants

Acupro Consulting

Gurgaon

CA Inter

View Details
Company
14 May 2026
ICSI Trainees for 21 Months and Semi-Qualified CS

CMNITY HIRE

New Delhi

Others

View Details
Company
14 May 2026
Senior Associate

ABHISHEK SHANKAR AGARWAL & ASSOCIATES

Kolkata

CA

View Details
Company
ARTICLESHIP 15 May 2026
ARTICLE ASSISTANT, TRAINEE AND PAID ASSISTANT

YOGESH KAPOOR AND ASSOCIATES

New Delhi

B.Com

View Details
Company
ARTICLESHIP 17 May 2026
CA Article /Trainee

Malik Sunil & co

New Delhi

CA Foundation

View Details
Company
ARTICLESHIP 28 May 2026
Accounts, Audit & Compliance Executive

Shyam Joshi & Associates

Pune

B.Com

View Details