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Sec 44aa (1) applicability

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(Querist)
04 June 2012 SIR,
MY QUARRY IS THAT SEC 44AA(1) APPLICABLY WHETHER IT APPLICABLE TO PROFESSION OR BUSINESS
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
04 June 2012 1. Section 44AA is applicable both to business and profession.

2. Profession is divided into 2 categories - specified profession & other profession.
(a) Specified Profession - legal, medical, engineering or architectural profession or the profession of accountancy or technical consultancy or interior decoration.
(b) All other fall in "Other Category"

3. Applicability of Section 44AA:
(a) Specified Profession - Mandatory to maintain books of accounts irrespective of the amount of income/receipts.
(b) Other professionals and business - If income exceeds Rs. 1.2 lakh or turnover/gross receipts exceed Rs. 10 lakhs in any one of the 3 years previous years.
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