Section 44ad with 44aa

Tax queries 237 views 2 replies

jay koradia

Articled Assistant

28 Points Joined March 2013

Dear Sir,

Plz Solve my Query...

If small traders turn over below under 10 lacs Inocme Tax Return filled u/s 44AD in A.Y 2015-16 and A.Y 2016-17 of Rs. 250000 and 260000 respectively and books of a/c are not maitain in above mentioned year.

In that case-

1. In A.Y 2017-18 Turnover below Rs. 10 lacs therfore Books a/c are maintain compulsory u/s 44AA ?

2. In the case considered in violation of this Section 44AA above A.Y 2015-16 and 2016-17 and IT department Penelized Rs. 25000 u/s 271A?

please sir solve my Query.

Thanking You

Replies (2)

Harshit Kabra (INVESTOR)

Student CA final

1113 Points Joined June 2016

44AA describes compulsary maintenance of books of account for specified professionals and non-specified professionals and person engaged in business viz. -

specified professional -

LEGAL, MEDICAL , ENGINEERNG ,ARCHITECTURAL ,ACCOUNTANCY , TECHNICAL CONSULTANCY , INTERIOR DECORANCE ,AUTHORIZED REPRESENTATIVE , FIM ARTIST , CS , IT.

Non specfied professional -

if Income (profit) from business or profession exceed Rs 1,20,000 per annum or his sales/gross receipts exceed Rs 10 lakhs in any of the three preceding years.

hope it will clear to u.