Sec 44AA of Income Tax
This query is : Resolved
12 August 2010
If the person doing job work or having labour income above Rs. 120000 but the gross receipt or turn over is below Rs. 10 lakh then he is liable to maintain the books of accounts as per sec 44AA.
12 August 2010
Yes
Sec 44AA-(2) Every person carrying on business or profession [not being a profession referred to in sub-section (1)] shall, - (i) If his income from business or profession exceeds one lakh twenty thousand rupees or his total sales, turnover or gross receipts, as the case may be, in business or profession exceed or exceeds ten lakh rupees in any one of the three years immediately preceding the previous year;keep and maintain such books of account and other documents as may enable the Assessing Officer to compute his total income in accordance with the provisions of this Act.
Sec 44AA-(2) Every person carrying on business or profession [not being a profession referred to in sub-section (1)] shall, - (i) If his income from business or profession exceeds one lakh twenty thousand rupees or his total sales, turnover or gross receipts, as the case may be, in business or profession exceed or exceeds ten lakh rupees in any one of the three years immediately preceding the previous year;keep and maintain such books of account and other documents as may enable the Assessing Officer to compute his total income in accordance with the provisions of this Act.
13 August 2010
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