09 January 2009
My Client has got two business during the previous year 07-08. one is retail trading and another is commission receipts. He got an estimated income on retail trading Rs.80000/- 5% on Gross receipts Rs.16.00 lakhs and covered by section 44AF. ( books of accounts will not be required to maintain and income declared 5% on Gross Receipts ) The estimated income from commission receipts Rs.70000/- on Gross Receipts Rs.2.00 lakhs. Under these circumtances income from both business has got more than Rs.1.20 lakhs.
Should he require maintain books of accounts u/s 44AA of the IT Act, since the income from both business crossed above Rs.1.20 lakhs
CAclubindia
