44AA
This query is : Resolved
13 September 2017
Dear sir/ madam,
Plz explain the following sentence..
"The total income exceeds maximum amount not chargeable to tax"
Read more at: https://www.caclubindia.com/articles/44ada-special-provision-for-computing-profits-and-gains-of-profession--31120.asp
CA Rohit Jain
(Expert)
13 September 2017
maximum amount not chargeable for tax is Rs 2.5 Lakhs ...anything above that is taxable...
13 September 2017
If total income exceeds 250000 we should keep books of account and audit from chartered accountant?
Nikhil Kaushik
(Expert)
16 September 2017
please read the section in entirety. for audit, refer 44AB. 44AA doesn't prescribe conditions for audit.
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