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
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- About TDS & Income Tax
- Section 194JA & JB Income which ITR Form to use
- Pass word to open justification report for Q1 for FY 2026-27
- PPF interest-As Exempt Income disclosure
- Scrutiny and reopening of past returns
- Under construction property in ITR
- Upload Level ValidationITR3Category of Defect B/D
- Building tax payment deduction in rental Income
- Not able to file ITR
- FEMA regulation Act. for inward remitance
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
