If any person having income from business above 1,20,000/- but his total turnover/ gross receipts not exceeds rs. 10,00,000/- , so he is liable to maintain accounts as per section 44AA?
THANKS & REGARDS
ARUNA
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SECTION 44AA
Replies (2)
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
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