Maintain of books

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Atul M (Querist)
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17 October 2013 Sir, My client has income from warehousing and Transport- 10,22,800 & net profit - 2,42,712 for F.Y- 12-13. so maintain of Books require?

CA Rinkal

CA Rinkal (Expert)
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17 October 2013 as per the provision of section 44AA

where the business or profession is newly set up in any previous year, if his income from business or profession is likely to exceed one lakh twenty thousand rupees or his total sales, turnover or gross receipts, as the case may be, in business or profession are or is likely to exceed ten lakh rupees, during such previous year then the assessee need to maintain book of account.

Read more: https://www.lawnotes.in/Section_44AA_of_Income-Tax_Act,_1961#ixzz2hx7zSIVL

CA Pallav Singhania

CA Pallav Singhania (Expert)
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17 October 2013 Agree with Expert,

Every person carrying on business or a profession (not a specified profession) whose total income exceeds Rs.1 ,20,000 or his total sales/gross receipts from such business or profession exceeds Rs. 10,00,000 in any of the 3 years immediately preceding the relevant previous year required to compulsorily maintain books of account..

Sanket

Sanket (Expert)
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17 October 2013 In short you need to maintain books of accounts...

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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17 October 2013 Yes as the income exceeds Rs 1,20,000 then as per sec 44AA its mandatory to maintain books of accounts.

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