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MAINTAINING BOOKS OF ACCOUNTS

Querist : Anonymous (Querist) 23 March 2010 This query is : Resolved 
BEING LEGAL PROFESSION IF GROSS RECEIPTS ARE RS. 4 LACs and NET PROFIT RS. 2 LAC FROM LEGAL PROFESSION DURING THE ASSTT. YEAR 2009-10 (i.e. FINANCIAL YEAR 2008-2009), WHETHER IT IS COMPULSORY TO MAINTAIN BOOKS OF ACCOUNTS UNDER SECTION 44AA OF I.TAX ACT

THANKING YOU
adv. rajeev ( rajoo ) (Expert) 23 March 2010
If your gross receipts exceeded Rs.1.5lakhs in all the 3 years immediately preceding the previous years or is likely to exceed Rs.1.5lakhs for the previous year in which the profession is newly set up if it is so set up.
if your gross receipts exceeded the said limit in all the 3 years preceeding to the p.y. it is mandatory to maintain the books of accounts.
Kumar Thadhani (Expert) 23 March 2010
MR Vadarali had rightly guided you.


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