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Maintenance of accounts section 44aa

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Querist : Anonymous

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Querist : Anonymous (Querist)
04 July 2012 With reference to section 44AA can any body tell me that if our income from business exceeds Rs.1,20,000 in last two years however turnover does not exceeds 10,00,000 then whether we are required to maintain books of accounts or not.?
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
05 July 2012 U/s 44AA one of the conditions is required to be fulfilled.

Either the income exceeds Rs. 1,20,000 or the turnover exceeds Rs. 10 lakhs.

If one of the conditions is satisfied the assessee is required to maintain books of accounts.

Since your income exceeds Rs. 1,20,000, you are required to maintain books of accounts even if your turnover does not exceed Rs. 10 lakhs.
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
05 July 2012 U/s 44AA one of the conditions is required to be fulfilled.

Either the income exceeds Rs. 1,20,000 or the turnover exceeds Rs. 10 lakhs.

If one of the conditions is satisfied the assessee is required to maintain books of accounts.

Since your income exceeds Rs. 1,20,000, you are required to maintain books of accounts even if your turnover does not exceed Rs. 10 lakhs.
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Querist : Anonymous

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Querist : Anonymous (Querist)
05 July 2012 Can you please let me know what are the penalties if we dont maintain our books & Accounts.
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
05 July 2012 Penalty of Rs. 25,000 may be levied u/s 271A.
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