Do i have to maintain books of accounts u/s 44aa in firm???

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

02 January 2015 I have a partnership firm with one partner, Our Firm works as a francise, total turn over of the firm was 180000/- u/s 194H as per form 26AS during the FY 13-14,TDS deducted Rs:- 18000/- I want to file return, I want to know, do I have to maintain books of accounts u/s 44AA, in case either I claim refund or not ?????

Its urgent

Akash Barman

Akash Barman (Expert)
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02 January 2015 No your firm is not required to maintain books of accounts

Rupesh Jain

Rupesh Jain (Expert)
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02 January 2015 if you income is rs. 120000/- then you have to maintain the books of accounts

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CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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02 January 2015 The income of the firm is 1,80,000 asmentioned by you and hence its exceeding the threshold limit of rs 120,000 u/s 44AA then yes you need to maintain books as per said section.

Querist : Anonymous

Querist : Anonymous (Querist)

02 January 2015 Rupesh Jain & Tushar Sampat ji, Can deduction like(remuneration,commission to partners, salaries to partner, expenses on offices) be claimed from the amount mentioned in form 26AS or TDS amount. What would be the rate of tax implemented to calculate tax liability. Is is accordingly tax slabs or special rate of tax ?????