Section 44AA-Compulsory Maintenance of Book of Accounts AY 2024-25 II Books of Accounts II
Tax Audit Limit
• Video
How to calculate Turnover
• How to Calculate Turno...
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
Пікірлер: 99
Very Informative and helpful video!!
Very useful and in such an easy manner....thnx sir ❤
Sir, Very Useful. Just one query. I have income from salary / pension around 10 Lacs/-and loss from Option trading is about Rs 50000/- . Should I maintain book of account U/S 44AA ?
@vpstca
27 күн бұрын
Yes
very informative. do you file itr for others? what are the charges?
@vpstca
19 күн бұрын
Yes, it depend on type of itr drop your no. At vpstca@gmail.com I will call you
@ArtsyLS
19 күн бұрын
@@vpstca thanks
Is this include future and option trade. If less than 1.5 l. For example 15000 then required to mentain accounta
@vpstca
Ай бұрын
Yes, income from business देखी कह जाती है and F&O is your business income
@agustyad
3 күн бұрын
@@vpstca but it the video you mentioned the limit is minimum 1.5 lakhs ...then why with 15000 turnover he should maintain profit and loss account?
Sir, if other than notified professional 44ADA opt karte hain, and income > 50%, Gross receipt Basic exemption limit, hai to bhi section 44AA apply hoga kya Books of Accounts maintain karne ke liye? Pls make a video on this. 🙏 For example, gross receipt = 10 Lakh, income = 6 Lakh, iss case mein agar 44ADA opt karte hain to bhi Books of Accounts mandatory hai kya as per 44AA?
@vpstca
Ай бұрын
अगर आप 44ADA choose करते है तो uss केस मैं आपको books maintain नहीं करनी होती है
Sir i have income from salary which is 11 lakh and f&o loss of 70k (started last year only). Do i need to keep books of accounts?
@vpstca
Ай бұрын
No
Sir,i have income from short term gain is 5 lakh and f&o loss is 1.1lakh and turnover is 4 lakh ,should i maintain books of account, and balance sheet in itr3.
@vpstca
11 күн бұрын
Yes, due to f&o loss you have to maintain books of account
pension with in 1 lakh and loss in f&o trades should I have to maintain books of accounts.?
@vpstca
4 күн бұрын
Yes
Sir I have a salary income for Rs 5 lac and loss from intraday trading Rs 4 lac and trunover also 4 lac ...should I need to maintain books of accounts. And required tax audit in this case.. please reply
@vpstca
27 күн бұрын
No, Intraday loss without books भी दिखा सकते हों and no Tax Audit is required
@_Hello_World558
6 күн бұрын
@@vpstca FnO loss without books of account dikha sakte hai?
Sir i have ~35lakh turnover and net pnl 2.65Lakh in FNO do i need to do it?
@vpstca
Ай бұрын
Yes Books maintain करनी पड़ेंगी
Suppose I have income from salary as well as business income. Income from salary is 5 lakh and income from business is 25,000. In this case a book of account is required or not?
@vpstca
Ай бұрын
No
@Rajesh-ec6kd
Күн бұрын
Sir mera salary 480000 and fno 140000 profit hai ,kya book of accounts maintain kare ya nahi
Hello Sir. I get salary around 14 lakh and LIC Commission 12,000/- . Which itr form should I submit?....plz give suggestion. Thank you in advance.
@vpstca
27 күн бұрын
Is there any TDS deduction on LIC Commission if not please mention in ITR 1 as other sources income
@swapnil207
27 күн бұрын
@@vpstca Thank you Sir....There is no any TDS deduction on LIC commission. So I can go with ITR 1. Is it correct?
Sir, salary income apporix 3 lakhs, and f and o loss 15000, turnover f and o 48000, do i need to maintain books of account, and if yes why since you mentioned the minimum limit of 1.5 lakhs in video
@vpstca
2 күн бұрын
No
@agustyad
2 күн бұрын
@@vpstca sir means I don't need to prepare books and account ? Am I correct ? Then which column I should show my old and o loss , in trading or profit and loss schedule?
Sir i have 9 lakhs salary and started start up of real estate agent but in loss as appointment a person with rs 60000 salary pa can i set off against income from interest do i require to maintain books of accounts
@vpstca
12 күн бұрын
No you can't adjust your business losses with salary
Sir, i have FNO 150000 and 44ADA income should i maintain book of account
@vpstca
26 күн бұрын
If there is loss in f&o then maintain books of accounts
Hello sir, i am an individual IT consultant with income of 6.4 lacs. Do i need to maintain book of records?
@vpstca
18 күн бұрын
Maintain books or show your income under section 44ADA presumptive profession where no need to maintain books only declare minimum 50% profited of gross receipt
Sir I am salaried employee with salary 11 lacs and also invested in short term equity shares with sale amount more than 25 lacs and turnover of 20k in intraday.. do I need to maintain books of account or tax audit
@vpstca
24 күн бұрын
@@SagarKumar-mn8dv no need for books and tax audit file ITR 2 and Intraday ko bhi Short Term mae hi add kar lo
@SagarKumar-mn8dv
24 күн бұрын
@@vpstca Thank you so much for the clarification 🙏
Dear Sir, I have Intraday loss of 2.5 lac and 5 lac income from short term trading. do I have to maintian books?
@vpstca
Ай бұрын
No
@vpstca
Ай бұрын
For Intraday loss system is accepting loss (minus) figure in Gross profit that is why no need to maintain books
hello sir i do only intra trading in equity segment…. my income from intra/speculative trading is 4 lakh…. does it comes under section 44aa…do i have to maintain books of accounts ? as it is not business/ profession
@vpstca
Ай бұрын
No books
@himangsusarmahkashyap5739
Ай бұрын
@@vpstca consequently 3 saal agar per year 3 lakhs ke upar equity intrday income ho and total buy and sell value 25 lakh se jyada ho tab ?
@vpstca
Ай бұрын
Intraday is speculative business so as per section 44aa you have to maintain books for Normal business like future and option so not applicable for intrday
@himangsusarmahkashyap5739
25 күн бұрын
@@vpstca Equity delivery turnover ( I do swing trading ) is more than 25 lakhs so which head do i need to show it bussiness income or short term capital gains ? and do i need to maintain books of accounts.
@vpstca
25 күн бұрын
@@himangsusarmahkashyap5739 Yes, books must in your case as per section 44AA
Sir my salary is 15,00,000. Intraday turn over 1.82 lakh , intra day profit 1.7 lakh. Total sale of short term trade 1.26 crore and profit of 52k . Do i need to maintain book of account and am i applicable for audit?
@vpstca
2 күн бұрын
No
@amrita5447
2 күн бұрын
@@vpstca sir one last question do i need to maintain balance sheet
@amrita5447
2 күн бұрын
@@vpstca thank you so much for replying sir . Very informative video 👍😊
Sir, Following are my data. Let me know if Books of account or Audit is required. Short term capital gain: 7,85,000 Salary Income: 0 Interest income: 1,45,000 F&O turnover: 26,00,000 F&O loss: 3,50,000 All Previous Year incomes are below 2,50,000 As per my understanding Books of accounts is required. What about tax Audit? Kindly let me know.
@vpstca
10 күн бұрын
Yes please maintain books of account no need for tax audit
Sir agar intraday se 4 lac ka profit ho tab to book maintain karna hoga na
@vpstca
27 күн бұрын
No, Bcoz Intraday is not a normal business like F&O it is speculative business
@rahul.negi9
4 күн бұрын
@@vpstca sir in this case his income is more than 2.5 lac sec 44AA than why he he not neet to maintain book of account
Sir , following are my data. Plz suggest whether I have to maintain books or not and should I file itr, if yes then which itr 2 or 3 1- salary =0 2- short term capital gain on equity = 2.3 lac 3- dividend = 4k 4- interest from bank = 26k 5- fno loss of 750 (turnover is also 750) Plzz respond soon
@vpstca
5 күн бұрын
File itr 3
@rajveersingh-fp8gg
4 күн бұрын
@@vpstca is it mandatory to file itr in my case???
Sir I have a salary income of 7 lakh. 1 lakh profit from Intraday, STCG, and LTCG including MF. 50000/- loss in F&O. I need to maintain BA?
@vpstca
25 күн бұрын
Yes, for carry forward of F&O loss
@niteshzinzala9949
25 күн бұрын
@@vpstca But F&O loss can be adjusted against profit of other in this year only because profit is more then loss so no need to Carry. Still need to maintain BA?
@vpstca
25 күн бұрын
Agar aap no account case Karenge means books maintain Nahin Karenge to Jo system hai vah aapke loss ki negative figure lega hi Nahin to isiliye main bol raha hun ki aapko books maintain Karni padenge
@vpstca
25 күн бұрын
Current year mein loss set off karne ke liye bhi aapko books maintain karni padegi
Sir pls make a vdo itr computation on excel
@vpstca
Ай бұрын
Itr computation on excel?
@kayaveer
Ай бұрын
Sir, if non-notified professional 44ADA opt karte hain, and income > 50%, Gross receipt Basic exemption limit, hai to bhi 44AA section apply hoga kya books of Accounts maintain karne ke liye? Iss per bhi video banayen. 🙏
@vpstca
Ай бұрын
@@kayaveer if you opt 44ADA than no need to maintain Books of Accounts
I am a govt. teacher and earn salary of ₹ 6,00,000/- and earn more than 2.50 lakh in F&O, Delivery and Intraday. Should I maintain business of accounts ?
@vpstca
Ай бұрын
Yes
@bharatsanatan87
Ай бұрын
@@vpstca इसके लिए अलग से CA के पास जाना पड़ेगा या इसी रिटर्न में हो जाएगा ?
@vpstca
Ай бұрын
@@bharatsanatan87 You can check this video kzread.info/dash/bejne/ZZWb0KimdqnMd5s.htmlsi=c9iWttltCpuX30MS
@ashishsengar6312
9 күн бұрын
I am a government employees my salary is 727000 rs, f&o loss -8696 rs, intraday loss -2696, long term capital gain -363 and short term capital gain is 31000 . Kya mujhe books of account maintain krni padegi
@bhupeshpandey4461
6 күн бұрын
@@vpstcaand in case of loss
SIr My short term profit 12.5 luck And interday 2.2 lack. May I maintain books of account
@vpstca
19 күн бұрын
No
Sir my income 264000 stcg 150000 intraday 170000 do i have to maintain book of account
@vpstca
7 күн бұрын
My income Rs 264000 is it business income?
@rahul.negi9
7 күн бұрын
@@vpstca sir 264000 is salary
@rahul.negi9
7 күн бұрын
salary income 264000 ,intraday 170000 and stcg 150000. Do i have to maintain book of account?
@rahul.negi9
6 күн бұрын
Salary@@vpstca
@vpstca
5 күн бұрын
@@rahul.negi9 no books of Accounts
Hello sir My income 1. Tuition: 25,000 2. Interest bank : around 40,000 & dividend 273 3. FY 23-24 one intraday trade (Profit rs 348) 4. Delivery trading : Sale value : around 3 lakh Profit : 1856 (Short term loss -3500 Long term profit 5300) Kya book of account banani padegi
@vpstca
11 күн бұрын
No file ITR 2 and club intraday with short term capital gain
@thetitanium9297
10 күн бұрын
@@vpstca ok sir thanks Itr 3 bhi file kar sakta hu kya sir , no account case me ?
@vpstca
10 күн бұрын
Yes, kar sakte ho ITR-3 file choose no account case
@thetitanium9297
10 күн бұрын
@@vpstca thank you so much sir
@ramavtar2612
9 күн бұрын
नमस्ते सर जी , मै intraday n equity share trading मे मेरा turn over, tax audit मे cover हो रहा है, tax audit ke केस मे मेरी ITR filing due date 30.09.24 रहेगी या फिर 31.07.24. मै पेंशनर हुँ और, share trading का business भी करता हुं. Thank n Regards.