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Sec 44aa

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(Querist)
28 December 2012 dear respected sir
sec 44AA(2)said that books of a/c,s are Required to maintain, if income from business exceeds 1.2 lakh or sales/turnover/Gross receipt
are excess of Rs 10 lakh in all the 3 years immediatrly precedings the previous year. hence if an assessee Gross receipt
from commission 5 lakh and he does not gross receipt exceeds 10 lakh any previous year can he ITR fillied show "NO BOOKS OF A/C" and as per sec44ad(2) not required to maintain books of a/c,s? please its clear to me. thanks
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
01 January 2013 44AD IS NOT APPLICABLE TO THE COMMISSION INCOME.
.
IF GROSS RECEIPTS FROM COMMISSION IS 5.00 LAKH BUT NET INCOME EXCEEDS RS 1.20 LAC, THEN HE IS REQUIRED TO MAINTAIN BOOKS OF ACCOUNT.
.
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