LIVE GST Audit Course by CA Sachin Jain. Register Now!!

profit and loss

shreyansh vyas (50 Points)

23 July 2017

can anyone explain in full when p&l is made. heard when the profit is above 120000?

Reply
Follow
Share

3 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160396 Points)
Replied 23 July 2017

As per section 44AA, of I T Act........

If a person is carrying on a non-specified profession or any business, income from which business or profession exceeds Rs. 1,20,000 or his total sales/gross receipts from such business or profession exceed Rs. 10,00,000, in any one of the three years immediately preceding the previous year (in case of new business or profession, income/gross receipt of that previous year is likely to exceed above limit), then such person shall keep and maintain such books of account and other documents as may enable the Assessing Officer to compute his total income.

More details refer: Compulsory-Maintenance-of-Books-Limit-Increased

And: /section-44aa/