I am filing return for FY 22-23 and my turnover in current year is above 25 lacs. However for preceding 3 years i.e. FY 19-20, 20-21 and 21-22 it is less than 25 lacs. Do I need to maintain books of accounts as per sec 44AA? I am carrying on non-specified business.
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Clarification on accounts u/s 44AA
Replies (5)
Quick Summary
What is status ? Individual , Firm , Company , LLP or any other .
Status is Individual....
Ok , What about Profit/ Income, preceding three years , because as per the proviso . If profit /income excesds more than 2 Lacs 50 for individual ,then also you have to maintain books of accounts mandatory.
Those are within 2.5 lacs
If you are not maintaining the books of accounts neither audit has been done , how one Can say this Profit and Turnover is absolutely correct, further Even if you filing ITR4 , Certain Information like , Sundry Creditors, Sundry Debtors, Stock, Cash in hand , Bank are mandatory fields , So in my opinion you maintain the books of accounts and should be maintain right from the beginning to understand business position .
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