sec. 44AA of Income TAx ACt


This query is : Resolved 

28 April 2009 A person's gross receipts from the profession of tax consultany and audits etc. are Rs. 120000 and from coaching classes are Rs 50000.For the purpose of gross receipts for the said case, Both receipts will be considered seperately or jointly. Would anybody plz clear it to me if he is required to maintain books of accounts compulsorily or not and why??????

28 April 2009 No, section 44AA is not applicable because section 44AA says "persons carrying of specified profession, if their gross receipts in the profession do not exceeds Rs 150000."

As in your case it is 1.20L, so section 44AA is not applicable.


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