liable account maintain u\s44AA
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 February 2011
Sir
I am pradeep jain in agra .My business income (retail shop)114265.00 and other sources income (drycleaning centre ) 38690.00 Total income is 152955.00 My net turn over is 765236.00 I am not maintain my account u/s44AA
Do the account maintaining liability u/s44AA by me so please give me answer .
I am pradeep jain in agra .My business income (retail shop)114265.00 and other sources income (drycleaning centre ) 38690.00 Total income is 152955.00 My net turn over is 765236.00 I am not maintain my account u/s44AA
Do the account maintaining liability u/s44AA by me so please give me answer .
18 February 2011
1. Retail Business:
Show your Retail business income U/s 44AF.
As turnover is not exceeding the limits prescribed for tax audit, you need not require to maintain Regular Books of A/c U/s 44AA.
2. Drycleaning Centre:
Limit applicable : 1.20 lacs net profit.
So in this case no Regular Books of A/c are required to be maintained
Show your Retail business income U/s 44AF.
As turnover is not exceeding the limits prescribed for tax audit, you need not require to maintain Regular Books of A/c U/s 44AA.
2. Drycleaning Centre:
Limit applicable : 1.20 lacs net profit.
So in this case no Regular Books of A/c are required to be maintained
Guest
Guest
(Expert)
20 February 2011
For which A.Y., query is related.
20 February 2011
As the figures of Turnover and Income have been stated to the nearest multiple of Rupee one, and FY 2010-11 is yet to complete,
the the query can be presumed for AY 2010-11
and accordingly answered.
the the query can be presumed for AY 2010-11
and accordingly answered.
Guest
Guest
(Expert)
20 February 2011
If so, provisions of Sec. 44AF shall not be applicable for A.Y. 2011-12.
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
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- TDS U/S. 194NF
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- ITC temporary reversal and reclaim
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Tds on building rent monthly
- Confusion around Form 26QB fields
- Adjustment entry in the case of Individual and HUF on 31st March
- Stock difference tax applicable on composite rate or normal rate
- 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
