curiousv (Mr.) (82 Points)
06 December 2021Senior citizen woman
If her intraday + FNO trading income is about 1.56 lac and turnover for this income (which is considered business income) is about 61 lac - book of accounts must be maintained?
Other than this income she had interest income and and short term capital gains from stock market.
This is the first year she has this income.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177713 Points)
Replied 06 December 2021
Unless presumptive assessment u/s. 44AD opted, books need to be maintained.
curiousv
(Mr.)
(82 Points)
Replied 06 December 2021
Thanks, if we use presumptive assessment - unnecessarily have to pay a lot more tax than actual.
Sir can you please tell me what is the turnover and/or income limit under which books of accounts not requiared?
I think in this case its more than 25 lac turnover and more than 1.2 lac income so in both these conditions books of accounts must be maintained correct? (unless 44ad presumptive assessment is used?)
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177713 Points)
Replied 06 December 2021
Yes, correct.... just amend 1.20 lakhs income to 2.50 lakhs. for last 3 years period. (sec. 44AA of IT act)
curiousv
(Mr.)
(82 Points)
Replied 06 December 2021
But this is the first year she had business income (stock fno and intraday income) and total gross income was 1.56 lac and from next year she is not expecting even 1 lac income
and you said 44AA applies only to professionals or it also applies to business income like stock trading income?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177713 Points)
Replied 06 December 2021
It applies to business income also, but in your case the turnover is 61 lakhs, so maintenance of books are mandatory.
CAclubindia
