04 November 2011
hi,One of my Friend earn professional receipt(who see the ESI & PF related documentation-not accountant)from 10 to 12 firms having gross annual receipt of 149000 less expense around 45000/- so net income 104000(149000-45000) and also receive full time salary of Rs. 80000/- annually .so his total income Rs 184000/-. 1) can he file return under section 44AD 2) is he required to maintain book of accounts..please suggest.
11 November 2011
Section 44AD is applicable only to the assessee doing Business. For Professional income 44AD not applicable. Section 44AA is applicable and if condition of Section 44AA is satisfied than books of accounts required to maintain.
CAclubindia
