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
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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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