Section 44AA of Income Tax Act
This query is : Resolved
21 April 2009
A person's gross receipts from the profession of tax consultany and audits etc. are Rs. 120000 and from coaching classes are Rs 50000.Would anybody plz tell me if he is required to maintain books of accounts compulsorily.
21 April 2009
No, as per section 44aa, he does not required that.
22 April 2009
Sir, Please reply in detail. As his total gross receipts are more than Rs. 150000 and as per income tax act, in case of specified profession, if gross receipts exceeds 150000, then book are required to be maintained. Please answer again
02 May 2009
Since the person seems to be in the profession of accountancy, he is required to maintain specified books of accounts U/s 44AA(1)
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