Dear Experts, 1. When an assessee is liable to maintaine books of Accounts U/s 44AA ?
2. if his TO is 4 lakh and his total income is below 2.5 lakh should i maintaine books U/s 44AA ?
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Regarding sec 44aa
Replies (5)
Under section 44 AA of the Income tax act 2017 your profit is more than 2.5 lacs or turnover exceeds 25 lacs you have to maintain books of accounts .
Above provision is effective form 1/4/2018
please correct above as provision was effective insted if is
Is it for AY 2018-19 ?
Ealier in F.Y 2017-18 and A.Y . 2018-19 limit was 1 lac 20 thousand profit & turnover 10 lacs . in any one of the three years immediately precedding the previous years .
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