Tax Audit

Service Description

Compulsorily Required to Maintain Accounts Under Section 44AA, the following types of businesses and professions are required to maintain accounts compulsorily. Existing Profession In case of an existing profession, wherein gross receipts are more than Rs.1.50 lakhs in all three years immediately preceding the previous year, book of accounts must be maintained as per Rule 6F. If the gross receipts do not exceed Rs.1.50 lakhs in the preceding three years, then the profession must maintain books of account and other documents to enable an assessing officer to compute taxable income in accordance with the Income Tax Act. New Profession In case of a new profession wherein gross receipts are expected to exceed Rs.1.50 lakhs, books of accounts must be maintained as per rule 6F. If the gross receipts are not expected to exceed Rs.1.50 lakhs, then the profession must maintain book of accounts to enable an assessing officer to compute taxable income in accordance with the Income Tax Act. Existing Business An existing business where the profit exceeds Rs.1.20 lakhs or total sales or gross receipts exceeds Rs.10 lakh in any of the 3 years immediately preceding the previous year must maintain book of accounts. New Business All new business where the profit are expected to exceeds Rs.1.20 lakhs or total sales or gross receipts exceeds Rs.10 lakh must maintain book of accounts.

Contact Details

• Kotla & Associates, Auditors, GST Registration Consultants, Income Tax Consultants, Beereshwara Nagar, Chunchgatta, JP Nagar 7th Phase, Konanakunte, Bengaluru, Karnataka, India

  + 9742907418

  kotlaandassociates1@gmail.com