22 December 2009
As per income tax dividend income is free. But if the dividend income is 20,00,000/- I want to know that whether it is business income or not and if it is business income whether he has to maintain books of account or not. He is a managing director of a company and his main income is salary as MD.
23 December 2009
The applicability of section u/s 44AA is based on gross receipts and turn over. And hence receipt of dividend does comes under business receipts or turn over and hence he need not maintain books of accounts
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