06 January 2012
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 53[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 54[ten lakh] rupees in any one of the three years immediately preceding the previous year; Hence U/s 44AA books has to be maintained.
CAclubindia
