Section 44AA

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Sanjeev Kumar Chauhan (Querist)
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02 July 2011 Sir
Please tell me if commission received by Insurance Agent is below taxable limit i.e. Rs.160000 ( AY 2011-12) is he liable to maintain books u/s 44AA ?

Thanks

CA Suresh Choudhary

CA Suresh Choudhary (Expert)
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02 July 2011 In relation to any other persons engaged in any other profession or carrying on any business other than section 44AA (1), the requirement of compulsory maintenance of books of accounts applies if- either the income from business or profession exceeds Rs 120000 or the turnover or gross receipts exceed Rs 10 Lakhs in any one of the three years immediately preceding the previous year.
So in your case 44AA is applicable.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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03 July 2011 If u are opting 44AD, no need to maintain books of accounts . Pl refer section 44AA(2)(iv).

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