Sec 44aa

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

19 November 2016 Dear All
I have started business in AY 2016-16 but have not maintain the books of accounts for the same AY because the Net income is below 120000 also turnover is below 10 Lakh.
My query is :- do i need to maintain the books of accounts for the AY 2016-17 or not,

Also tell me do i need to maintain the books of accounts even of AY 2017-18 or not,

Pls advise urgently.......
Thanks in Advance

CA SUNIL K GARG

CA SUNIL K GARG (Expert)
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19 November 2016 As per section 44AA of Income Tax Act, 1961 assessee is required to maintain books of accounts if in the current year income is likely to exceed Rs, 1,20,000 or turnover is likely to exceed Rs. 10 Lakhs. and if in any of the previous three years income exceeds Rs, 1.2 Lakhs or turnover exceeds Rs. 10 lakhs.

Querist : Anonymous

Querist : Anonymous (Querist)

19 November 2016 Dear Garg Sir,
Thanks for your quick response,
Sir i am confused about the previous three year if in any previous three year assume in AY 2013-14, 2014-15, 2015-16 the trunover does not exceed in any AY 10 Lakh also the Net income does not exceed 1.2 Lakh. Then in this scenario weather books & accounts shall be maintain of AY 2016-17 or not,

Thanks in Advance...

CA SUNIL K GARG

CA SUNIL K GARG (Expert)
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24 November 2016 In that case there is no need to maintain books of accounts.

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