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Cricketers income

Ashrith Kotian (student ) (188 Points)

18 March 2016

under which head is their income chargeable under the INCOME tax act

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3 Replies

Rajesh Raman ( ) (292 Points)
Replied 18 March 2016

Income from Business or profession

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Ashrith Kotian (student ) (188 Points)
Replied 18 March 2016

Is it a specified profession under section 44aa

Rajesh Raman ( ) (292 Points)
Replied 25 March 2016

• No Cricket is not the specified income u/s 44AA • Section 44AA prescribed the persons who are mandatorily required to maintain books of accounts for income tax purposes. As per sec 44AA any person carrying on any of the following professions is required to maintain books of accounts 1. Legal 2. Medical 3. Engineering 4. Architectural 5. Accountancy 6. Technical consultant 7. Interior decoration As per sec 44AA persons carrying o the professions specified above are mandatorily required to maintain their books of accounts however the person who are not covered in the list of professions specified u/s 44aa which are mentioned above are mandatorily required to maintain their books of accounts only if 1. If the income from business or profession exceeds Rs 1,20,000 or the total sales/ Turnover/ Gross Receipt exceeds Rs 10,00,000 in any of the 3 years 2. If the business or profession is newly setup it would be required to maintain books of account if the income from business or profession is likely to exceeds Rs1,20,000 and total sales /Turnover/ Gross receipt is likely to exceeds Rs.10,00,000