Maintenance of books u/s 44aa
This query is : Resolved
maitry desai
(Querist)
18 July 2015
Dear Sir/ Madam,
While preparing the Tax Audit Report of one of our clients, we are confused as to whether our client is required to maintain books as mandated u/s 44aa of IT Act.
Our client is a trading cum manufacturing firm, whose turnover exceeds Rs. 1 Crores and its turnover for previous year was around 1.32 crores.
Please explain the above in the light of IT Act.
Regards,
Maitry Desai
While preparing the Tax Audit Report of one of our clients, we are confused as to whether our client is required to maintain books as mandated u/s 44aa of IT Act.
Our client is a trading cum manufacturing firm, whose turnover exceeds Rs. 1 Crores and its turnover for previous year was around 1.32 crores.
Please explain the above in the light of IT Act.
Regards,
Maitry Desai
Nikhil Kaushik
(Expert)
18 July 2015
where is the confusion then? its mandatory to maintain account and get the tax audit done..
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maitry desai
(Querist)
18 July 2015
Ok. Thank you for the kind reply. The confusion is not regarding conducting the Tax Audit, but the maintenance of books as mentioned in sec 44aa. Do you think our client is covered u/s 44aa?
Nikhil Kaushik
(Expert)
18 July 2015
Dear Maitry,
Come on. The requirement for maintenance of books triggers at a much lower turnover. So isn't it obvious that if audit is applicable, books have to be maintained anyways! otherwise, what will you audit?
Come on. The requirement for maintenance of books triggers at a much lower turnover. So isn't it obvious that if audit is applicable, books have to be maintained anyways! otherwise, what will you audit?
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maitry desai
(Querist)
21 July 2015
Okay thank you for your kind help sir
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