18 September 2014
Kindly inform me regarding the Applicability and Non- Applicability of Section 44AA of Income Tax Act, 1961....
For e.g. -
(1) If Mr. A engaged in Business having a turnover of Rs. 2.00 Crores in A.Y.: 2014-15, then whether he is liable to Prescribe Books of Accounts as per Section 44AA of Income Tax Act, 1961?
(2)If Mr. B engaged in Business having a turnover of Rs. 85.00 Lacs in A.Y.: 2014-15, then whether he is laible to Prescribe Books of Accounts as per Section 44AA of Income Tax Act, 1961?
18 September 2014
Thanks for your kind reply. Though in this regard, I think in such a way that if the person engaged in business or profession having turnover exceeding Rs. 1.00 Crore then he is liable to maintain books of accounts as per Section 44AB of Income Tax Act, 1961 and hence no compulsion to prescribe books of accounts as per Section 44AA of income Tax Act, 1961. So, I think Mr. B is not liable to prescribe books of accounts as per Section 44AA of Income Tax Act, 1961.
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