Applicability and non applicability of section 44aa

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Mohit Kavadia (Querist)
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18 September 2014 Kindly inform me regarding the Applicability and Non- Applicability of Section 44AA of Income Tax Act, 1961....

For e.g. -

(1) If Mr. A engaged in Business having a turnover of Rs. 2.00 Crores in A.Y.: 2014-15, then whether he is liable to Prescribe Books of Accounts as per Section 44AA of Income Tax Act, 1961?

(2)If Mr. B engaged in Business having a turnover of Rs. 85.00 Lacs in A.Y.: 2014-15, then whether he is laible to Prescribe Books of Accounts as per Section 44AA of Income Tax Act, 1961?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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18 September 2014 in both the cases it is applicable except for where Mr B is offering income to taxation under 44AD.

Mohit Kavadia

Mohit Kavadia (Querist)
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18 September 2014 Thanks for your kind reply. Though in this regard, I think in such a way that if the person engaged in business or profession having turnover exceeding Rs. 1.00 Crore then he is liable to maintain books of accounts as per Section 44AB of Income Tax Act, 1961 and hence no compulsion to prescribe books of accounts as per Section 44AA of income Tax Act, 1961. So, I think Mr. B is not liable to prescribe books of accounts as per Section 44AA of Income Tax Act, 1961.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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18 September 2014 dear friends books are maintained as per 44AA which are audited as per 44AB. Please read 44AA and 44AB again.

B will not be required to maintain books only where it is offering income to tax under 44AD. Otherwise he also is required to maintain books.

Mohit Kavadia

Mohit Kavadia (Querist)
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18 September 2014 ohk got it Thanks for the reply...

Nikhil Kaushik

Nikhil Kaushik (Expert)
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18 September 2014 you are welcome Mohit..

Nikhil Kaushik

Nikhil Kaushik (Expert)
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18 September 2014 you are welcome Mohit..

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