Income above rs. 120000

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Varun Shah (Querist)
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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.

HUZAIFA HUSSAIN

HUZAIFA HUSSAIN (Expert)
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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.

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Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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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.

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