44aa - books of account

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

24 September 2014 Expertji,

I have started new consultancy having gross receipt of 800000 as well agriculture income of 100000, then do i need to maintain books of account as per income tax act and i am not into specified business and i am newly started consultancy as proprietor.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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24 September 2014 depends on your profit. on the basis of gross receipts you are not required to maintain books. But if the profit exceeds Rs 1.5 lakhs, then books are to be maintained.

Further, if you are covered under 44AA(1), then books are to be maintained irrespective of the turnover or profit.

Querist : Anonymous

Querist : Anonymous (Querist)

24 September 2014 Nikhilji,

I am providing kind of Softwared Hardware consultancy like repairing and installation and also having agriculture income then how do i need to maintain books of account.....my profit is around 368000 ...turnover is 800000 and agriculature income is 1000000

Thanks

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Nikhil Kaushik

Nikhil Kaushik (Expert)
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24 September 2014 you should get covered under 44AA as engineering services...you should maintain accounts...