Books of account

That ques u hv askd consists of 2 concepts..1)sec 44AA,2)44AF..

As per sec 44AA & ur ques-1st thing is that Mr. X is carrying a non-specified proffesion & his income is >1.2 lakh,also turnover is >10lakh.So,there is requirement of compulsory maintenance of books of accounts.

Again as per sec 44AF-Profit as 5% of profit ll b taken only if the assessee is engaged in "retail trade" & the turnover is <40 lakhs..

 thanks, neha