Does retail trader require to maintain books of accounts under section 44AA if annual turnover is below Rs. 40 lakh for last 3 years and profit margin is >5%?
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CA Yogesh
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Maintenance of books of accounts for retail trader
Replies (2)
If your turnover is below 1 crore and your net profit is 8% or more, you need not maintain any books of accounts under income tax law.
Yes, assessee is required to maintain books of account in the above case as the t.o is exceeding the specified limit of Rs. 10 lakh given in sec.44AA , however assessee can be prevented from this clause by filing his ROI under sec. 44AD that is presumptive income of 8% of gross receipts.
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