44aa

This query is : Resolved

anusha (Querist)
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21 March 2014 in sec 44AA compulsory maintenance of books of accounts is stated. i.e for business concerns 10 lacs above gross receipts have to maintain books, but if the business man has 12 lacs of turnover and files return u/s 44AD will he need to maintain books as said in 44AA

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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21 March 2014 If the assessee is covered u/s 44AD he is NOT required to maintain books of accounts and is NOT required to get his accounts audited even if his turnover exceeds the limits prescribed u/s 44AA and 44AB.

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