Income above rs. 120000
This query is : Resolved
Varun Shah
(Querist)
25 May 2013
Dear Sir/Mam,
Please tell whether there is any limit of income of Rs. 120000 for mandatory Book maintenance with the Assesse if whole income is from Other sources.
I am confused whether this mandatory provision is for Book profit or for all the incomes.
Thanking You.
Please tell whether there is any limit of income of Rs. 120000 for mandatory Book maintenance with the Assesse if whole income is from Other sources.
I am confused whether this mandatory provision is for Book profit or for all the incomes.
Thanking You.
HUZAIFA HUSSAIN
(Expert)
25 May 2013
U/S 44AA IF THE INCOME FROM BUSINESS EXCEEDS RS.150000/- THAN MAINTENANCE OF BOOKS OF ACCOUNTS IS MANDATORY.
IF THERE IS NO BUSINESS, BOOKS OF ACCOUNTS ARE NOT REQUIRED. HOWEVER THE TRACK OF SOURCE OF INCOME SHALL BE MAINTAINED.
IF THERE IS NO BUSINESS, BOOKS OF ACCOUNTS ARE NOT REQUIRED. HOWEVER THE TRACK OF SOURCE OF INCOME SHALL BE MAINTAINED.
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25 May 2013
Huzaifa Ji
It is Rs. 1,20,000/- (and not Rs.1,50,000/-) as per section 44AA (2) (i) and (ii) of the Income tax Act,1961.
It is Rs. 1,20,000/- (and not Rs.1,50,000/-) as per section 44AA (2) (i) and (ii) of the Income tax Act,1961.
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