Account Books maintaing limit
Naresh Trivedi (19 Points)
16 December 2021
Upto how much turnover in business Account Book maintaing is compulsory as per Income Tax Laws
4 Replies
prasad Nilugal
( GST Practitioner & Accounts )
(14916 Points)
Replied 16 December 2021
For Individual profit exceeds 2,50,000/- , turnover exceeds 25,00,000/- as per section 44AA of the Income tax act .
Tanuj Chandra Saxenaa
(Company Secretary)
(7085 Points)
Replied 16 December 2021
Yes in case of Individual:-(As per Section 44AA of Income Tax Act 1961)
Profit Exceeds Rs 250000/-
Turnover Exceeds Rs 2500000/-
Profit Exceeds Rs 250000/-
Turnover Exceeds Rs 2500000/-
prasad Nilugal
( GST Practitioner & Accounts )
(14916 Points)
Replied 17 December 2021
For partnership Firm
Rs 1,20,000/- profit
Rs 10,00,000/- Turnover
exceeds , as per section 44(2)(i) of the Income tax act , please confirm from Act .
Rs 1,20,000/- profit
Rs 10,00,000/- Turnover
exceeds , as per section 44(2)(i) of the Income tax act , please confirm from Act .
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