Sec 44aa (1) applicability
This query is : Resolved
04 June 2012
SIR,
MY QUARRY IS THAT SEC 44AA(1) APPLICABLY WHETHER IT APPLICABLE TO PROFESSION OR BUSINESS
MY QUARRY IS THAT SEC 44AA(1) APPLICABLY WHETHER IT APPLICABLE TO PROFESSION OR BUSINESS
04 June 2012
1. Section 44AA is applicable both to business and profession.
2. Profession is divided into 2 categories - specified profession & other profession.
(a) Specified Profession - legal, medical, engineering or architectural profession or the profession of accountancy or technical consultancy or interior decoration.
(b) All other fall in "Other Category"
3. Applicability of Section 44AA:
(a) Specified Profession - Mandatory to maintain books of accounts irrespective of the amount of income/receipts.
(b) Other professionals and business - If income exceeds Rs. 1.2 lakh or turnover/gross receipts exceed Rs. 10 lakhs in any one of the 3 years previous years.
2. Profession is divided into 2 categories - specified profession & other profession.
(a) Specified Profession - legal, medical, engineering or architectural profession or the profession of accountancy or technical consultancy or interior decoration.
(b) All other fall in "Other Category"
3. Applicability of Section 44AA:
(a) Specified Profession - Mandatory to maintain books of accounts irrespective of the amount of income/receipts.
(b) Other professionals and business - If income exceeds Rs. 1.2 lakh or turnover/gross receipts exceed Rs. 10 lakhs in any one of the 3 years previous years.
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