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?
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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.
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