44aa(1) and sec.44aa
This query is : Resolved
04 August 2019
One of my friend advocate earned a consultancy fee of Rs.65, 000 during the financial year 2018-2019.
He wanted to offer 100% as income. Is he liable to maintain the books of accounts as per section 44AA and 44AA(1).
What is the threshold limit for maintaining books of accounts for advocte?
Please advise
R S Sai Kumar
Consultant
He wanted to offer 100% as income. Is he liable to maintain the books of accounts as per section 44AA and 44AA(1).
What is the threshold limit for maintaining books of accounts for advocte?
Please advise
R S Sai Kumar
Consultant
05 August 2019
Not liable to maintain the books of accounts. Threshold is 1.50 lacs.
05 August 2019
If the consultancy fee is arising out of exercising legal profession, no need to
maintain books of accounts since gross receipts if less then 50 lakhs and income
offered is not less than 50 % of gross receipts.
If the income offered is more than Rs.2,50,000/- and that income is less than
50% of the gross receipts, maintenance of books of accounts and other
documents is mandatory.
Secondly, if gross receipts is more than Rs. 50 lakhs, books of accounts is a
mandatory requirement.
maintain books of accounts since gross receipts if less then 50 lakhs and income
offered is not less than 50 % of gross receipts.
If the income offered is more than Rs.2,50,000/- and that income is less than
50% of the gross receipts, maintenance of books of accounts and other
documents is mandatory.
Secondly, if gross receipts is more than Rs. 50 lakhs, books of accounts is a
mandatory requirement.
06 August 2019
Thank you very much sir.
R S Sai Kumar
R S Sai Kumar
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Inventory of finished goods
- Disallowance of Section 43B(h) to sez units
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Confusion around Form 26QB fields
- RCM INVOICING FROM NOV-2024
- GST Regis.
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Tds on building rent monthly
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Sale of property furniture sale
- As per schedule III of balance sheet how to pass journal entry
- Is correct way to find out capital of individual on 31st March
- Individual capital equal to which assets of balance sheet
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
