Tax Audit Limit FY 2022-23
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Presumptive Tax U/s 44AD for Business
• Presumptive Taxation 4...
Presumptive Tax U/s 44ADA for Prodessional
• Presumptive Taxation 4...
Section 44aa,
books of accounts,
rule 6a,
compulsory maintenance of books of accounts,
how is required to maintain books of accounts,
books of accounts kab maintain karni hai,
Purpose:
Such books of accounts as may enable the Assessing Officer to compute total income in accordance with the provisions of Income Tax Act, 1961 (Category-A)
Books of Accounts provided in Rule 6F (Category-B)
Applicability:
1. Notified Professions
2. Business or other than notified professions
3. Presumptive Taxation u/s 44AE, 44BB, 44BBB
4. Sub-section (4) of section 44AD become applicable
1. Notified Professions
Legal, Medical, Engineering or Architect or Accountancy or Authorized representative or Technical consultancy or Interior decoration, Film artist,
Company Secretary, Information Technology, Any other profession that may be notified by CBDT in future
Compulsory to Maintain Such Books of Accounts (Category-A) - No Limit of Sale / TOR / Gross Receipts or Profit
Rule 6F (Type of Books and Documents as per CBDT) - (Category-B)
For Notified Professions- if Gross Receipts exceeds Rs 1.50 Lakh in all the 3 immediately preceding years than maintain the below books and documents
Cash Book, Journal and Ledgers
Carbon copy of Bills issued in excess of 25 rupees
Original bill for expenditure incurred in excess of 50 rupees
Medical professional: In addition to point 2 above should maintain
Daily case register in Form 3C
An inventory (Opening and closing) of drugs, consumables etc
2. Business or other than notified professions
Compulsory to Maintain Such Books of Accounts- (Category-A)
Income exceeds Rs 1.20 Lakh (For Individual or HUF - Rs 2.50 Lakh)
OR
Total Sale / TOR / GR exceeds 10 Lakh (For Individual or HUF - Rs 25 Lakh)
In any one of the 3 previous year immediately preceding the PY
Note: For Newly Set up- Check current year
3. Presumptive Taxation u/s 44AE, 44BB, 44BBB
Compulsory to Maintain Such Books of Accounts- (Category-A)
Assessee covered under Presumptive Taxation u/s 44AE/44BB/44BBB and claimed his income to be lower under normal provision of income tax act than the income deemed under Presumptive Tax than in such situation he has to maintain books of accounts even his income lower than the BEL of Rs 2.50 Lakh
4. Sub-section (4) of section 44AD become applicable
Assessee covered under Presumptive Taxation u/s 44AD and claimed his income to be lower under normal provision of income tax act than the income deemed under Presumptive Tax provided income exceeds the maximum amount (Rs 2.50 Lakh) which is not chargeable to income-tax in any previous year i.e he has to maintain books of accounts when his income more than the BEL of Rs 2.50 Lakh
Time Period
6 Years from the end of Relevant Assessment Year
Penalty
Rs 25,000 under section 271A
Негізгі бет Section 44AA-Compulsory Maintenance of Book of Accounts II Books for Business or Profession II
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