sec 44AA
This query is : Resolved
16 March 2009
My client is a person carrying on profession as an Advocate, his Gross Receipts from the profession are as under:
FY Rs.
2005-06 1,15,000
2006-07 1,80,000
2007-08 2,10,000
My question is while filing the return for the AY 2009-10, for the question in ITR, Are you liable to maintain accounts as per sec 44AA. Is it YES or NO? please clarify
FY Rs.
2005-06 1,15,000
2006-07 1,80,000
2007-08 2,10,000
My question is while filing the return for the AY 2009-10, for the question in ITR, Are you liable to maintain accounts as per sec 44AA. Is it YES or NO? please clarify
16 March 2009
U/s 44AA, A professional has to maintain the Books of A/c if his turnover in each of three Years increase from Rs.1,50,000/-, since in your case this condition is not satisfied so You have write "NO"in ITR
16 March 2009
Dear Shahzad, the provisions of Section 44AA says 'In any of the three years' and not each year. So if turnover is crossed Rs.1.20 Lacs in any of the three previous years, the assessee has to maintain books of account.
16 March 2009
R/Sir
Rs.120000/- limit is for Trader, and this limit may cross in any year as you say
But
For professional the Limit is Rs.150000/- and the limit should be crossed in all 3 Years
Rs.120000/- limit is for Trader, and this limit may cross in any year as you say
But
For professional the Limit is Rs.150000/- and the limit should be crossed in all 3 Years
17 March 2009
Yes.
The limit is per year for specified profession.
The limit is per year for specified profession.
17 March 2009
legal profession being notified profession assessee is required to maintain books of accounts for the previous year only if his gross reciepts from profession exceed Rs 150000 in all the three preceeding previous years. here books not required
17 March 2009
Yes. He is required to maintain books.
What is applicable to advocates is Section 44AA(1), where there is no exemtion. Everybody is required to maintain books of accounts in professions specified in clause (1).
The exemptions which are there is clause (2), regarding amount of income, is with respect to the professions not specified in clause (1) or other professions notified in clause (1).
What is applicable to advocates is Section 44AA(1), where there is no exemtion. Everybody is required to maintain books of accounts in professions specified in clause (1).
The exemptions which are there is clause (2), regarding amount of income, is with respect to the professions not specified in clause (1) or other professions notified in clause (1).
19 March 2009
Please recheck the section Mr.Rajesh
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Section 194JA & JB Income which ITR Form to use
- Pass word to open justification report for Q1 for FY 2026-27
- PPF interest-As Exempt Income disclosure
- Under construction property in ITR
- Scrutiny and reopening of past returns
- Booth for sales promotion
- Upload Level ValidationITR3Category of Defect B/D
- Building tax payment deduction in rental Income
- F & O PROFIT REPORTING FOR AY 2026-27
- Difference in GSTR3B system generated which is correct and actual Payment it asks
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
