Section 44AA of Income Tax Act

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parvinder singla (Querist)
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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.

Brij Bhushan Sangal

Brij Bhushan Sangal (Expert)
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21 April 2009 No, as per section 44aa, he does not required that.

parvinder singla

parvinder singla (Querist)
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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

CA. Krishna K Neeraj

CA. Krishna K Neeraj (Expert)
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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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