15 September 2013
If assessee is engaged in "specified/notified profession/business, & its gross receipt in any of last 3 preceding P.Y. exceeds Rs.1,20,000, maintaining specified books of accounts is mandatory. Similarly if assessee is engaged in "non-specified profession/business" and its gross receipt/turnover in any of last 3 preceding PY is exceeds Rs. 10,00,000 or if total income exceeds Rs. 1,50,000, he has to maintained specified books of accounts.
But today tax audit limit is 1 crore, so obviously EVERY ASSESSEE to whom tax audit is applicable, has to mandatorily maintained books of a/c as mentioned in section 44AA. Is my view correct??
16 September 2013
thanks Vishnu Sir for your reply.
But, then why many person write in Form 3CD, clause 9's answer as "NO" in spite of books of accounts are prescribed to them. I think the answer should be "Yes".
caluse 9 = "Whether books of accounts are prescribed u/s 44A, if yes, list of books of accounts prescribed"
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