Sec 44aa

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

06 October 2013 A Commerce graduate or M.Com passed candidate engaged in concern is receiving remuneration 1.90 lacs per annum upon which tax has been deducted u/s 194J. Whether it will come under the purview of a professional engaged in the profession of accountancy u/s 44AA or any other profession? Whether he is required to maintain books of account as required u/s 44AA??

MAHENDRA KUMAR BAGRECHA

MAHENDRA KUMAR BAGRECHA (Expert)
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06 October 2013 As per section 44AA, accountancy is one of the profession prescribed under this section. Hence,If income is crossing prescribed limit mentioned in that section, he should maintain books of accounts.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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06 October 2013 Most probably yes.

but can an alternative view be taken? May be.

What you are doing is at-best book-keeping. Not everyone writing accounts can be referred to as accounting professional. Same as everyone working in a lawyer office cannot be considered as a legal professional. A compounder in doctor's clinic can not be considered as medical professional.

The question is, to be called professional whether knowledge is necessary or a valid degree?

I tried to lay my hands on any legal precedent. Unfortunately couldn't find any reference.

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