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Dividend income

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(Querist)
22 December 2009 As per income tax dividend income is free. But if the dividend income is 20,00,000/- I want to know that whether it is business income or not and if it is business income whether he has to maintain books of account or not. He is a managing director of a company and his main income is salary as MD.

Thanks
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CA SURENDRA KUMAR RAKHECHA

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CA SURENDRA KUMAR RAKHECHA (Expert)
22 December 2009 No need to maintain books of account as he is not running any business.

Dividend is not a business income.
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Manikanta Raju CA,CWA,(CS)

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Manikanta Raju CA,CWA,(CS) (Expert)
23 December 2009 The applicability of section u/s 44AA is based on gross receipts and turn over.
And hence receipt of dividend does comes under business receipts or turn over and hence he need not maintain books of accounts
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