ACCOUNTS AND AUDIT – SEC. 44AA AND 44AB
ACCOUNTS & AUDIT – SEC. 44AA & 44AB
Maintenance of books of accounts required
compulsorily :-
|
CARRYING
ON SPECIFIED PROFESSION |
CARRYING
ON OTHER THAN SPECIFIED PROFESSION |
|
FOR EXISTING
BUSINESS OR PROFESSION :- If gross receipts exceeds Rs.1,50,000 in all three immediately preceding previous years OR |
FOR
EXISTING BUSINESS OR PROFESSION :- If gross receipts exceeds Rs.1,20,000 in
ANY OF three immediately preceding previous years (2,50,000 in case of INDIVIDUAL or HUF ) OR Total sales/turnover/gross receipts exceeds Rs.10,00,000 (25,00,000 in case of INDIVIDUAL or HUF) In any of the 3 previous years. |
|
FOR
NEWLY SETUP BUSINESS :- If gross receipts are likely to
exceeds Rs.1,50,000 during current previous year. |
FOR
NEWLY SETUP BUSINESS :- If gross receipts are likely to
exceeds Rs.1,20,000 during current previous year. OR Total sales/turnover/gross receipts exceeds Rs.10,00,000 (25,00,000 in case of INDIVIDUAL or HUF) |
IMPORTANT POINTS:-
1. Specified professions includes legal, medical, engineering, architectural, accountancy, technical consultancy, interior decoration or any other .notified profession.
2. In case of deemed profits u/s 44AE, 44BB or 44BBB:- if assessee claim lower rate of income; books must be maintain.
3.
Where the provision of section 44AD
are applicable and if his income exceeds
the maximum amount
which is not chargeable to income
tax in any previous year
; books must
be maintain.
COMPULSORY TAX AUDIT UNDER SECTION 44AB :-
Every
person shall get his accounts
of any previous years by a chartered accountant before the due date for furnishing the return :-
1. In case of business, his total sales, turnover or gross receipts exceeds Rs. 1 crores in any previous years OR
2.
IN case of profession this limit is Rs.50 lakh.
3.
In case of 44AE,
44BB or 44BBB
if lower income
claimed.
4. In case of 44AD income exceeding maximum amount not chargeable to tax.
This section not applicable to the person who declares profit and gains of previous year as per sec.44D and turnover not exceeds 2 crores.
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#ACCOUNTSANDAUDITSEC44AAAND44AB
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