Maintanence of books of Accounts u/s 44AA & ITR-4

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  1. Neha Agarwal

    Neha Agarwal Member

    According to Rule 6F of Sec 44AA(where maintancence of books of accounts are compulsory) under income tax act.It is related to Specified profession & non specified profession. Maintance of books of accounts in the case of specified profession are complusory, where gross receipt exceeds Rs: 1.20 Lac during the last 3 previous years. If below then 1.20 Lac then no need to maintain books of Accounts. In the case of non-specified profession, Maintanence of books of Accounts are compulsory, where gross receipt/turnover exceeds Rs 10 Lac & net income exceeds Rs: 1.50 lac in any one or more of last 3 previous. My question is when we file ITR-4, I have seen plenty of filled ITR-4 in which under the column of non maintance of books of Accounts, Accounts & Lawyers fill figures which exceeds limit & maintance of books of accounts r mandatory but in the first page of ITR-4 they put Tick mark across (NO option) where there is an option(whether asseesse is liable to maintain books of Accounts as per sec 44AA. Please clarify it.......
     
  2. Sumit Agarwal

    Sumit Agarwal Active Member

    ITR4 is filled when you are having business income and not showing your profit u/s 44AD.
     
  3. Sumit Agarwal

    Sumit Agarwal Active Member

    You have to maintain books of accounts if your limit exceeds u/s 44AA. Tick Yes in ITR 4.
    Those are doing it carries a wrong practice and may attract penalty for non maintenance of books of accounts.
     
    Neha Agarwal likes this.
  4. Neha Agarwal

    Neha Agarwal Member

    When I came across of ITR already filled by leaner lawyers who shown Gross receipt around 9 lac in a single previous years & net profit around 2.50 lac & tick mark "NO" under the option of maintenance of books of Accounts u/s 44AA. They told me that's not wrong when I put this question.
     
  5. Sumit Agarwal

    Sumit Agarwal Active Member

    The law is very clear in this respect. You can ask them to refer the section 44AA and also ask for the reason why books of a/c's not to be maintained if the limit surpasses.
     
    Neha Agarwal likes this.
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