IF IN THE PRECEEDING YEAR MY INCOME IS MORE THAN 120000
WHETHER SEC 44AA ATTRACTS IN THE NEXT YEARS AND WHETHER IT IS COMPULSORY TO MAINTAIN THE BOOKS OF ACCOUNTS IN THE NEXT YEARS EVEN MY INCOME IS LESS THAN 100000 IN THE NEXT YEARS.
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SEC 44AA
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According to a proviso to Rule 6F, compulsory maintenance of books of accounts is not required if gross receipts does not exceed Rs. 1.50 lacs in any one of the said preceeding three years.
This means that books of accounts are required to be maintained only when gross receipts exceeds Ra. 1.50 lacs in all the three years.
Having regard to the nature of the busienss or profession carried on by any class of persons, prescribed in rule 6F for prescribed books of account to be maintained by professionals. Form 3C has been prescribed as a daily case Register to be maintained by medical professionals.
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