If an assessee is earning income on commission basis from LIC, Post Office etc, which books of account he is required to maintain u/s 44AA..?
Pls Advise
Amol Gopal Kabra (CA,CS,DISA)
(Practicing CA)
(8539 Points)
Replied 14 February 2010
He needs to maintain the books of accounts relating to his income like commission account, expenses and other ledgers, and all the general ledgers that are involved in his accounts. In other words all accounts except the purchase register, sales register and stock records as these are not applicable to such type of business.
Shikha Bajaj
(CA )
(433 Points)
Replied 15 February 2010
In addition to what Amol Sir has said, he can maintain his books of account on cash basis rather than accrual basis.
Thnx
Shikha
GST Live Certification Course (39th Batch) - April 2024 (Weekend Batch) (With Certificate)
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
CAclubindia
