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Maintenance of books

Varun.T.K (CA Final, CS Executive) (365 Points)

29 March 2010

Consider the case of a salaried employee who has exceeded the limits for maintenance of books of accounts. What all books should he keep?

Whether the books mentioned in that section is practically followed? Please let me know.

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2 Replies

Vivek Angrish (Manager Finance & Accounts) (232 Points)
Replied 29 March 2010

As per my knowledge, the salaried employees need not have to maintain the books of accounts. So from where the question of maintaing books of accounts arises in the case of salaried employees.

Amir (Learner) (4016 Points)
Replied 30 March 2010

Dear Varun,

Sec 44AA uses the words Receipts or Income from Business or profession

Therefore the applicability of this section is limited to the person carrying on Business or Profession only and cannot be extended to an assesee having salary Income.