Books of accounts u/s 44AA

Dear Praveen,

U required to maintain books of accounts u/s 44AA as u'r gross receipts exceed Rs.10 lakhs or net profit from u'r business exceeds Rs.150,000. But please connfirm the following...

1. Where the business is newly set up in current FY. Then if the gross amount likely to exceed Rs.10.00  lakhs or net profit likely to exceed Rs.150,000, u required to maintain the books of accounts.

2. Where business set up in the last year or before- Only when the gross receipts exceeds Rs. 10.00 lakhs or net profit exceeds Rs.150,000 in any of the last 3 years preceeding current financial year for which question of mainatining books of accounts arises, then u required to maintain the books of accounts....

Hope this solves u'r query...

Regards,

Manoj

U required to maintain books of accounts u/s 44AA as u'r gross receipts exceed Rs.10 lakhs or net profit from u'r business exceeds Rs.150,000. But please connfirm the following...

1. Where the business is newly set up in current FY. Then if the gross amount likely to exceed Rs.10.00  lakhs or net profit likely to exceed Rs.150,000, u required to maintain the books of accounts.

2. Where business set up in the last year or before- Only when the gross receipts exceeds Rs. 10.00 lakhs or net profit exceeds Rs.150,000 in any of the last 3 years preceeding current financial year for which question of mainatining books of accounts arises, then u required to maintain the books of accounts....

Hope this solves u'r query...