GIVE ur suggestion please...!!

 Sec 44AA specify the provisions for Cumpolsory books of accouts to be maintained by assesse....!! if Mr A have two business ie X and Y. whether section 44AA apply seprately for each business or basicly on ASSESSE...!! 

 

Replies (4)

i think a turnover of a particular business is 2 b seen..

Originally posted by :Ankur
"  Sec 44AA specify the provisions for Cumpolsory books of accouts to be maintained by assesse....!! if Mr A have two business ie X and Y. whether section 44AA apply seprately for each business or basicly on ASSESSE...!! 

 
"

 

I think, income limit applies on the total income of the assessee.

incl. incomes from all the businesses.

Though Sec.44AA(1) ends with "...........enable the Assessing Officer to compute his total income in accordance with the provisions of this Act."..

Reading these words, it seems that statute wants to aggregate every business togather and gives limit for all businesses as a whole, bcoz total income includes income frm all five heads.....But throughout this section and Rule.6F, it is everywhere written "business or profession" and not their plural counterparts...as books of accoutns means books of accounts for every business seperatly......

I think limit has to apply seperatly for every businesss.......

As per sectioin 44AA and rule 6F, separate books of account should be maintained because gross receipt of profession is considered for the above section not the gross receipt of the assessee.

My openion is based on following logic

Suppose Business X is specified profession and business Y is non specified profession, then different rule for both X AND Y shall be followed.

In case of X AND Y separate books of account is not maintained it will be difficult to know under which category(defined under rule 6F) X AND Y  will fall. 

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