liable account maintain u\s44AA

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 February 2011 Sir
I am pradeep jain in agra .My business income (retail shop)114265.00 and other sources income (drycleaning centre ) 38690.00 Total income is 152955.00 My net turn over is 765236.00 I am not maintain my account u/s44AA
Do the account maintaining liability u/s44AA by me so please give me answer .

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

18 February 2011 1. Retail Business:

Show your Retail business income U/s 44AF.
As turnover is not exceeding the limits prescribed for tax audit, you need not require to maintain Regular Books of A/c U/s 44AA.

2. Drycleaning Centre:

Limit applicable : 1.20 lacs net profit.
So in this case no Regular Books of A/c are required to be maintained

Guest

Guest (Expert)

20 February 2011 For which A.Y., query is related.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

20 February 2011 As the figures of Turnover and Income have been stated to the nearest multiple of Rupee one, and FY 2010-11 is yet to complete,
the the query can be presumed for AY 2010-11
and accordingly answered.

Guest

Guest (Expert)

20 February 2011 If so, provisions of Sec. 44AF shall not be applicable for A.Y. 2011-12.

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