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SEction 44AA
If any person having income above Rs. 1,20,000 but turover less than Rs. 10,00,000/-, so he is liable to maintain accounts as per section 44AA?
Thanks & regards
ARuna
Replies (2)
Dear Aruna,
Yes he is liable to maintain books u/s 44AA beacuse the connecting word is "OR"
Not necessary if he can opt for presumptive taxation like 44AD, 44AE, 44AF...
But otherwise, yes.
Because as pointed out by amir, the act requies that books be maintained if even only one of the conditions u mentioned is satisfied.
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