29 July 2013
Sir, Please tell when an assessee is required to maintain books of accounts as per section 44AA, And when section 44AB for audit of accounts is applicable to an assessee?
29 July 2013
sec 44AB is applicable when gross income from business exceeds rs 1 cr wef from AY13-14. in case of service its 25 lacs from gross receipts.
29 July 2013
Section 44AA is applicable both to business and profession. Profession is divided into 2 categories - specified profession & other profession.(a) Specified Profession - legal, medical, engineering or architectural profession or the profession of accountancy or technical consultancy or interiordecoration.(b) All other fall in "Other Category"3. Applicability of Section 44AA:(a) Specified Profession - Mandatory to maintain books of accounts irrespective of the amount of income/receipts.(b) Other professionals and business - If income exceeds Rs. 1.2 lakh or turnover/gross receipts exceed Rs. 10 lakhs in any one of the 3 years previous years.
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