05 August 2012
WHO HAS To maintain regular books of accounts Businessmen or professionals as per the income tax? if a profession earn rs 5 lacs p.a.gross recepit of professional fees and 120000 is the net income after deducting all exp to rendering the professional fees ,is he is liable to maintain regular books of account?
05 August 2012
Answer to ur query is answered under Section 44 AA of the Income Tax Act, 1961.. Business Receipts Rs. 5 lacs..& above...In case of consecutive 3 years, happens to have receipts as above, YES u r required to maintain the Books of Accounts.... One has to understand what are Books of Accounts ???
Cash Book, Bank Book..Ledger...Journal Register....
CAclubindia
