Maintaining business accounts
This query is : Resolved
15 July 2018
I have a small repair business. The revenue from repair since past 4 years have been around 4.5 lakhs and profit after expenses is 3.5 lakhs for past 4 years.
The profit after expenses for FY 17-18 is 2.5 lakhs and revenue from repair is 3.5 lakhs. Am I liable to maintain records of this for FY 17-18 under section 44AA?
The profit after expenses for FY 17-18 is 2.5 lakhs and revenue from repair is 3.5 lakhs. Am I liable to maintain records of this for FY 17-18 under section 44AA?
15 July 2018
Yes, as per 44AA (2) (i).
15 July 2018
Is the limit increased to 2.5 lakhs for financial year 2017-18? Is the exceeded limit applicable to me?
Message likes :
1 times
15 July 2018
Yes applicable per 1st proviso to section cited above. Earlier answer stands
modified and thanks for updating.
modified and thanks for updating.
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
- Refund Annexure-B
- Liable to deduct tds and 44ADA
- Sale of Equity shares for Purchase of Residential Property
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- ECO SUPPLY REPORTIONG IN GSTR-1
- Is Interest applicable for payment made through credit ledger vide DRC03 for FY 2020-21 & 2021-22
- CCFS 2026 Schemed
- Subscription paid to foreign customer
- Two seprate Invoice needed
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
