Sec 44aa
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 October 2012
can someone tell me that when a person is required to maintain books of accounts u/s 44AA of the income tax act??????
13 October 2012
1. Person carrying on legal, medical, engineering or architectural profession or the profession of accountancy or technical consultancy or interior decoration - mandatory to maintain books of accounts.
2. Persons carrying on any other business or profession - If income exceeds Rs. 1,20,000 or sales/turnover exceeds Rs. 10 lakhs in any one of the three years immediately preceding the previous year.
2. Persons carrying on any other business or profession - If income exceeds Rs. 1,20,000 or sales/turnover exceeds Rs. 10 lakhs in any one of the three years immediately preceding the previous year.
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