WebSection 44ADA Presumptive taxation for Professionals – The assessee filing return under section 44ADA is not required to maintain books of account under section 44AA. Period of maintenance of books. The books of accounts are to kept and maintained for a period of six years from the end of the relevant assessment year. In other words, accounts ... WebThe provisions regulating compulsory maintenance of books of account are given below. 1. Persons carrying on “Specified Professions” [Section 44AA (1)] : For the purpose of section 44AA and Rule 6F legal, ‘specified professions’ includes …. medical, engineering, architectural, accountancy, technical consultancy, or interior decoration ...
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Web15 feb. 2011 · Maintenance of Books of accounts by other Persons covered u/s 44AA(2): In relation to any other persons engaged in any other profession or carrying on any business other than section 44AA(1), the requirement of compulsory maintenance of books of accounts applies if- either the income from business or profession exceeds Rs. 120000 … a) where the profits and gains from the business are deemed to be the profits and gains of the assessee under section 44AEor section 44BB or section 44BBBas the case may be, and the assessee has claimed his income to be lower than the profits or gains so deemed to be the profits and gains of his … Meer weergeven In case of specified / notified profession, – if gross receipt is more than Rs. 1,50,000 in all 3 yearspreceding the previous year or – likely to exceed if profession is newly setup then … Meer weergeven In case of persons carrying on business, – if Profit or Gain from Business & Profession is more than Rs. 1,20,000 or – Total Sales / … Meer weergeven a) Specified Profession : 1. Medical 2. Legal 3. Medical 4. Engineering 5. Architectural 6. Accountancy 7. Technical Consultancy 8. Interior Decoration 9. Authorized Representative 10. Company Secretary 11. … Meer weergeven As per Section 271A, if the assessee fails to maintain books of accounts as per Section 44AA then penalty of Rs. 25,000 may attract. Meer weergeven business for sale llandudno
How to Maintain Proper Books of Accounts as per Section 44AA …
Web24 jun. 2024 · In a case where regular books of account of business or profession are not maintained, furnish the following information for previous year 2014-15 in respect of business or profession 1) Gross receipts : 4-5 lacs 2)Gross profit : Same as gross receipt 3)Expenses : 90-150,000 4)NP : 3 lacs + Jyothis (Article) (1127 Points) Replied 05 … Web22 jun. 2024 · Maintenance of Books under Section 44AA in India Every business /profession assesse has to maintain books of accounts so as to enable computing his total income for the previous year. The provisions regulating compulsory maintenance of books are given in section 44AA along with Rule 6F. Web27 feb. 2024 · Penalty for non-maintenance of books of accounts under section 44AA of Income Tax Act, 1961 is INR 25,000 levied by Section 271A. 3. Books of Accounts under Goods and Services Tax, 2024. Provisions related to maintenance of books of accounts are given under Chapter VIII- Accounts and records under Central Goods and Service … handwashing signs for restrooms