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About Mentainance of books of accounts

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

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3 Replies

rama krishnan (12244 Points)
Replied 25 November 2020

One crore is the limit

prasad Nilugal ( GST Practitioner & Accounts ) (14916 Points)
Replied 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 (12244 Points)
Replied 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