SECTION 44AA

Dear Aruna,

Person carrying on a business whose income from such business or profession does not exceed Rs.120,000 or the total sales,turnover or gross receipts thereof are not in excess of Rs. 10,00,000 in all the 3 years immediately preceding the previous year or when the business or profession is newly set up then the income/sales, turnover or gross recipts are not likely to exceed the said amount are not required to maintain any books of accounts u/s 44AA.

hi aruna,

       he is liable to maintain books of accounts as his income exceeds 120000