NISARAHMED OLEKAR 24 November 2020
For Asst year 2019_ 20 What is the monetary limit For Commission Business U/S 44AB to maintain Books of accounts is there any Relaxatoin please Give answer
prasad Nilugal (Sr . Accountant and GST Practitioner . ) 25 November 2020
Section 44AB of the Income Tax act 1961 is for Audit of Books of Accounts for certain persons carrying Business & profession ,So as per section 44AA of the Income Tax act if your profit exceeds 250000/- or your turnover exceeds 25 lac you have to main ten books of accounts .
rama krishnan 25 November 2020
Sorry... if your total income exceeds 2.5 lakhs or if your total turnover exceeds 25 lakhs, you need to maintain books of accounts, in case of individual or huf
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