Maintenance of books of accounts
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 February 2011
ITR-4 shown in Page -1 Point is - where books of account are maintained or not maintained.
i can't understand where books of account maintained if Net Profit exceed rs. 1.20 lcas but my exemption limit is Rs. 1.60 lacs. how can bound books of account maintained as per section 44AA. if i chose in ITR-4 point is books of accounts not maintained if my client profit Rs. 1.25 Lacs. its is correct or not pls reply
Regards
Amit Kumar Agarwal
Tax Consultant
ITR-4 shown in Page -1 Point is - where books of account are maintained or not maintained.
i can't understand where books of account maintained if Net Profit exceed rs. 1.20 lcas but my exemption limit is Rs. 1.60 lacs. how can bound books of account maintained as per section 44AA. if i chose in ITR-4 point is books of accounts not maintained if my client profit Rs. 1.25 Lacs. its is correct or not pls reply
Regards
Amit Kumar Agarwal
Tax Consultant
CA PARAS BAFNA
(Expert)
07 February 2011
Yes, Books of account are required to be maintained when income from a particular business exceeds Rs 1.20 lac.
If the assessee is carrying on any business other than cover U/s 44AD, 44AE, 44AF etc..
and income exceeds Rs 1.20 he should maintain books of A/c.
If the assessee is carrying on any business other than cover U/s 44AD, 44AE, 44AF etc..
and income exceeds Rs 1.20 he should maintain books of A/c.
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