what is the limit for books of account maintain?
This query is : Resolved
29 June 2010
i am not maintaining books of account & i have more than 160000 income can i field my return without maintain books of a/c
CA Sanat Pyne
(Expert)
29 June 2010
yes you can file the return without maintaining the books.
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CA Ravi Sisodia
(Expert)
29 June 2010
agree
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30 June 2010
but dear sir as per income tax if we have more than 120000 income then we have to maintain books of a/c
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Sunil Kr. Sanganeria
(Expert)
01 July 2010
You need not have to maintain books of acoounts.but if you falls under Tax Audit provisions, you are required to maintain Books of accounts
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Taranjit Singh
(Expert)
02 July 2010
Maintenance of Books of accounts by other Persons covered u/s 44AA (2): 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.
Taranjit Singh
(Expert)
02 July 2010
As per section 44AA(1) read with rule 6F the persons carrying on any of the profession as mentioned below are required to maintain books of accounts and other documents as may enable the assessing officer to compute his total income, if yearly gross receipts of the profession exceeded Rs 150000.
1) Legal
2)Medical
3)architectural
4)engineering
5)accountancy
6)technical consultancy
7)interior decoration
8)authorized representative
9)film artist
10)any other profession as is notified by the board
1) Legal
2)Medical
3)architectural
4)engineering
5)accountancy
6)technical consultancy
7)interior decoration
8)authorized representative
9)film artist
10)any other profession as is notified by the board
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