44AA
This query is : Open
SACHIN P JADHAV
(Querist)
07 March 2017
Gross professional fees Receipt (turnover) Rs. 1,37,000/- in F.y.15-16.
in above case I have to maintain books of account
CA Gopal Somani
(Expert)
07 March 2017
As per Section 44AA if a person is carrying specified Profession like
Profession of legal, medical, engineering, architectural, accounting, technical consultancy, interior decoration, Any other Profession notified by CBDT
are mandatorily required to maintain the books of Accounts.
If a person carrying on profession other than specified above and INCOME from such profession has exceeded 1,20,000 in any of the three p.y. or current p.y. (for newly set up business) OR If turnover / gross receipts has exceeded Rs 10 lacks in any of the three p.y. or current p.y. (for newly set up business, Then he has to maintain the books of Accounts.
As you have mentioned that your Gross Receipt is 137000 (i.e. less that 10 Lakh) so no need to maintain books of accounts.
The limits have been increased to 150000 and 2500000 respectively from FY 2017-18
Profession of legal, medical, engineering, architectural, accounting, technical consultancy, interior decoration, Any other Profession notified by CBDT
are mandatorily required to maintain the books of Accounts.
If a person carrying on profession other than specified above and INCOME from such profession has exceeded 1,20,000 in any of the three p.y. or current p.y. (for newly set up business) OR If turnover / gross receipts has exceeded Rs 10 lacks in any of the three p.y. or current p.y. (for newly set up business, Then he has to maintain the books of Accounts.
As you have mentioned that your Gross Receipt is 137000 (i.e. less that 10 Lakh) so no need to maintain books of accounts.
The limits have been increased to 150000 and 2500000 respectively from FY 2017-18
SACHIN P JADHAV
(Querist)
07 March 2017
Thanks Sir
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