Requirement sec 44aa of income tax act ??

This query is : Resolved

Abhishek Kumar (Querist)
Follow

27 February 2014 Hello Experts,

An Architects (Sole Properietor)Gross Receipts during the FY is Rs 9Lacs ;My query is that whether he is liable to maintain Books of Accounts u/s 44AA ?

Pls explain me in Details.

Thank You.

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

27 February 2014 it is compulsory to architects to maintain books of accounts irrespective of turnover. refer section 44AA(1)

Abhishek Kumar

Abhishek Kumar (Querist)
Follow

27 February 2014 So i don't need to worry about Rs 1.5Lacs limit na ?

Upgrade to CAclubindia Pro. Subscribe Now!

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

27 February 2014 no..that is only for 44AA(2). professionals are covered under 44AA(1) itself.

Abhishek Kumar

Abhishek Kumar (Querist)
Follow

27 February 2014 Thank You Nikhil..Great !!!

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

27 February 2014 you are welcome Abhishek

Abhishek Kumar

Abhishek Kumar (Querist)
Follow

28 February 2014 Hello Nikhil..

An Architect opt for Sec 44AD..then why is mandatory maintenance of Books of A/c as per Sec 44AA..coz Sec 44AD does not mandate it.

Pls reply !!!

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

28 February 2014 Dear Abhishek,

please read section 44. it doesnt permit use of its provisions for professionals.

Upgrade to CAclubindia Pro. Subscribe Now!

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

28 February 2014 Section 44AD clearly provides that it is NOT applicable to PROFESSIONALS.

An architect is a specified professional. Accordingly he CANNOT claim benefit of Section 44AD.