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Specified profession u/s 44aa

ITR 2741 views 2 replies

If a CA(not holding CoP), is working as a "management consultant" in a firm from where he derives professional income, then does this service come under "specified profession" u/s 44AA of the Income Tax Act and thereby required to maintain books of accounts?

 

Replies (2)

A qualified CA can practice only if he is holding a valid COP issed by the ICAI. without COP he can't practice.  If he does then that would be violation of the CA act & penal action will be taken by the Institute.

Though for I-T purpose this would not be an issue, but considering the provison of CA act it cant be shown as a profession.

Dear Giridhar Sir

In the query, the CA is working as a "management consultant" and is not practicing. Just to work as "mangement consultant", a CoP is not required as it does not amount to "practice" right? So, in such a situation would he be required to maintain books u/s 44AA?

 

Thank You...


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