Account Books maintaing limit

16 December 2021

Upto how much turnover in business Account Book maintaing is compulsory as per Income Tax Laws

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4 Replies

prasad Nilugal ( GST Practitioner & Accounts ) (14868 Points)
Replied 16 December 2021

For Individual profit exceeds 2,50,000/- , turnover exceeds 25,00,000/- as per section 44AA of the Income tax act .

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Tanuj Chandra Saxenaa (Company Secretary) (7075 Points)
Replied 16 December 2021

Yes in case of Individual:-(As per Section 44AA of Income Tax Act 1961)
Profit Exceeds Rs 250000/-
Turnover Exceeds Rs 2500000/-

Santhosh (Branch Accountant) (94 Points)
Replied 17 December 2021

Wt about Partnership pls?

prasad Nilugal ( GST Practitioner & Accounts ) (14868 Points)
Replied 17 December 2021

For partnership Firm
Rs 1,20,000/- profit
Rs 10,00,000/- Turnover
exceeds , as per section 44(2)(i) of the Income tax act , please confirm from Act .

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