Sec 44aa
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 November 2016
Dear All
I have started business in AY 2016-16 but have not maintain the books of accounts for the same AY because the Net income is below 120000 also turnover is below 10 Lakh.
My query is :- do i need to maintain the books of accounts for the AY 2016-17 or not,
Also tell me do i need to maintain the books of accounts even of AY 2017-18 or not,
Pls advise urgently.......
Thanks in Advance
I have started business in AY 2016-16 but have not maintain the books of accounts for the same AY because the Net income is below 120000 also turnover is below 10 Lakh.
My query is :- do i need to maintain the books of accounts for the AY 2016-17 or not,
Also tell me do i need to maintain the books of accounts even of AY 2017-18 or not,
Pls advise urgently.......
Thanks in Advance
19 November 2016
As per section 44AA of Income Tax Act, 1961 assessee is required to maintain books of accounts if in the current year income is likely to exceed Rs, 1,20,000 or turnover is likely to exceed Rs. 10 Lakhs. and if in any of the previous three years income exceeds Rs, 1.2 Lakhs or turnover exceeds Rs. 10 lakhs.
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 November 2016
Dear Garg Sir,
Thanks for your quick response,
Sir i am confused about the previous three year if in any previous three year assume in AY 2013-14, 2014-15, 2015-16 the trunover does not exceed in any AY 10 Lakh also the Net income does not exceed 1.2 Lakh. Then in this scenario weather books & accounts shall be maintain of AY 2016-17 or not,
Thanks in Advance...
Thanks for your quick response,
Sir i am confused about the previous three year if in any previous three year assume in AY 2013-14, 2014-15, 2015-16 the trunover does not exceed in any AY 10 Lakh also the Net income does not exceed 1.2 Lakh. Then in this scenario weather books & accounts shall be maintain of AY 2016-17 or not,
Thanks in Advance...
24 November 2016
In that case there is no need to maintain books of accounts.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Tds on building rent monthly
- GST ON EXPORT COMMISSION
- Should I report my US salary for January, February, March in Schedule FA?
- RCM INVOICING FROM NOV-2024
- Sale of property furniture sale
- Confusion around Form 26QB fields
- Adjustment entry in the case of Individual and HUF on 31st March
- Stock difference tax applicable on composite rate or normal rate
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
