AMIT AGARWAL (learner) (114 Points)
31 March 2010HELLO EVERYONE.....
IF A PERSON IS RUNNING A COACHING INSTITUTE & HIS GROSS TOTAL INCOME IN PREVIOUS 3 YRS. IS MORE THAN RS.2.5L BUT HIS GROSS RECEIPTS IS LESS THAN RS.10L, THEN WHETHER HE HAS TO COMPULSORY MAINTAIN THE BOOKS OF ACCOUNTS U/S 44AA....
PLSE REPLY ONLY IF U R DAMM SURE....THNKS
Amir
(Learner)
(4016 Points)
Replied 31 March 2010
Dear Sir,
Books will be requied u/s 44AA.
Since Sec 44AA says Books will be required if
(i) if his income from business or profession exceeds[one lakh twenty] thousand rupees or
his total sales, turnover or gross receipts, as the case may be, in business or profession exceed or exceeds 39[ten lakh] rupees in any one of the three years immediately preceding the previous year; or
So ur case gets covered under the first condition itself..i:e Income exceeding 1,20,000
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