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About Mentainance of books of accounts
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
Replies (3)
One crore is the limit
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 .
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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