Sec.44aa

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

29 April 2014 sir/mam,
in sec44AA it is specified that for specified profession maintenance of accounts is necessary , if the gross receipt in all the 3 preceding years exceed 150000 ,what will happen in case if profession was started 2 years ago

smriti srivastava

smriti srivastava (Expert)
Follow

29 April 2014 In case Profession is newly set up then gross receipt of that in the profession for that year is taken into consideration.So in yiur case Receipt of Rs 150,000 in the two year immediately prceeding PY will be taken into consideration

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

30 April 2014 bt mam it means for the first years it is always necessary to maintain the books of accounts

Upgrade to CAclubindia Pro. Subscribe Now!