for what type of business or what extent of turnover no account case is applicable.
For which businesses maintaining regular book of account is mandatory
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No account case for ITR 3
Replies (5)
Read section 44aa
If the sale/turnover/gross receipts from the business or profession is more than Rs. 25,00,000 or the income from business or profession is more than Rs. 2,50,000 in any of the 3 preceding years, then books of accounts will be compulsorily maintained.
Following professions are covered under this provision:
Legal
Medical
Engineering
Architectural
Accountancy
Technical consultancy
Interior decoration
Authorised Representative (one who charges fees for representing someone before the tribunal or any authority)
Film artist (producer, editor, actor, director, music director, art director, dance director, cameraman, singer, lyricist, story writer, screenplay or dialogue writer and costume designers.
Company secretary
Thus, if the above-mentioned professions have an income of more than Rs. 2,50,000 in any of the 3 preceding years, they need to maintain books of accounts. In case of a new profession also, if the income is expected to be more than Rs. 2,50,000, the professionals should maintain books.
Following professions are covered under this provision:
Legal
Medical
Engineering
Architectural
Accountancy
Technical consultancy
Interior decoration
Authorised Representative (one who charges fees for representing someone before the tribunal or any authority)
Film artist (producer, editor, actor, director, music director, art director, dance director, cameraman, singer, lyricist, story writer, screenplay or dialogue writer and costume designers.
Company secretary
Thus, if the above-mentioned professions have an income of more than Rs. 2,50,000 in any of the 3 preceding years, they need to maintain books of accounts. In case of a new profession also, if the income is expected to be more than Rs. 2,50,000, the professionals should maintain books.
Read 44AA
Ramaraju has given an extensive explanation. i think your query is solved now
Agree with ramaraju ji
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