Applicability of 44aa

Dear Experts,

i wish to know about applicability of section 44aa of Income Tax, to individual Tax payer.,

if the propriertor/individual is gross receipt from clients is appx 6 lac but after all deducting business expenses the net profit comes 1.5 lac , then is it necessory to maintain accounts book as per 44AA.

the individual is an custom house agent and do the business from home in his name. and files the ITR4

so pls guide on above question.

 

R.K

Replies (1)
first of all you are not a specified person therefore you have to check the limits . Now ,your gross receipt are below 10 lakh but your income is exceed the limit of rs 120000 therefore you are required to maintain books of accounts.

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