liable account maintain u\s44AA

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 February 2011 Sir
I am pradeep jain in agra .My business income (retail shop)114265.00 and other sources income (drycleaning centre ) 38690.00 Total income is 152955.00 My net turn over is 765236.00 I am not maintain my account u/s44AA
Do the account maintaining liability u/s44AA by me so please give me answer .

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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18 February 2011 1. Retail Business:

Show your Retail business income U/s 44AF.
As turnover is not exceeding the limits prescribed for tax audit, you need not require to maintain Regular Books of A/c U/s 44AA.

2. Drycleaning Centre:

Limit applicable : 1.20 lacs net profit.
So in this case no Regular Books of A/c are required to be maintained

Guest

Guest (Expert)

20 February 2011 For which A.Y., query is related.

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CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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20 February 2011 As the figures of Turnover and Income have been stated to the nearest multiple of Rupee one, and FY 2010-11 is yet to complete,
the the query can be presumed for AY 2010-11
and accordingly answered.

Guest

Guest (Expert)

20 February 2011 If so, provisions of Sec. 44AF shall not be applicable for A.Y. 2011-12.