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Maintenance of books

Varun.T.K (CA Final, CS Executive)     29 March 2010

CA Final CS Executive 
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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.

Vivek Angrish (Manager Finance & Accounts)     29 March 2010

Vivek Angrish
Manager Finance & Accounts 
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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)     30 March 2010

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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.

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