Are maintain of books of Accounts compulsory u/s 44AA?

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  1. Neha Agarwal

    Neha Agarwal Member

    Hi to all,
    A client have income from school & coaching. Gross receipt from them during FY 13-14 amounting Rs: 715000/- I want to know whether maintenance of books of Accounts compulsory u/s 44AA or not. However expenses made during same period is Rs: 515000. here net receipt comes Rs: 200000/-

    Maintanence of books of accounts are compulsory on Gross receipt 715000/- or net receipt: 200000/-?????
     
  2. king999maker

    king999maker Active Member

    books of accounts is necessary ms neha agarwal , when the income is more than 120000 and gross receipts is more than 1000000
    u satisfied first condition hence u should maintain books of accounts
     
    Neha Agarwal likes this.
  3. Neha Agarwal

    Neha Agarwal Member

    Thanks a lot. Are School & coachings in the list of from specified profession or non specified profession ?
     
  4. king999maker

    king999maker Active Member

    school and coaching centres is non specified profession, so u should follow 44AA(2) and i also suggested treatment to u to maintain books of accounts cash book , journal, ledger, all bills with carbon copies of serially numbered, vouchers etc
     
    Neha Agarwal likes this.
  5. Neha Agarwal

    Neha Agarwal Member

    Thanku sir.....................
     
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