Maintain of books
This query is : Resolved
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?
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
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
(Expert)
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..
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..
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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