44aa(1) and sec.44aa

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R S Sai Kumar (Querist)
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04 August 2019 One of my friend advocate earned a consultancy fee of Rs.65, 000 during the financial year 2018-2019.
He wanted to offer 100% as income. Is he liable to maintain the books of accounts as per section 44AA and 44AA(1).
What is the threshold limit for maintaining books of accounts for advocte?
Please advise

R S Sai Kumar
Consultant

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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05 August 2019 Not liable to maintain the books of accounts. Threshold is 1.50 lacs.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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05 August 2019 If the consultancy fee is arising out of exercising legal profession, no need to
maintain books of accounts since gross receipts if less then 50 lakhs and income
offered is not less than 50 % of gross receipts.

If the income offered is more than Rs.2,50,000/- and that income is less than
50% of the gross receipts, maintenance of books of accounts and other
documents is mandatory.

Secondly, if gross receipts is more than Rs. 50 lakhs, books of accounts is a
mandatory requirement.

R S Sai Kumar

R S Sai Kumar (Querist)
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06 August 2019 Thank you very much sir.
R S Sai Kumar

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