Accounting solutions for small and medium size business

Maintenance of books of account: Practical issue(Supported by updated Statutory Provisions) Issue Mr. Yash is running a proprietary concern under the name of  Yash  & Co. He does not know whether the provisions of section 44AA relating to maintenance of books of account are applicable to him or not. Hence, he approaches you for advice. As a consultant, advise Mr.  Yash  in this regard. Solution The provisions relating to maintenance of books of account can be classified as follows: 1.Provisions relating to a person engaged in specified profession. 2.Provisions relating to a person engaged in non-specified profession. 3.Provisions relating to a person engaged in business. The provisions relating to maintenance of books of account as given under section 44AA are applicable to a person who is carrying on any business and, hence, the provisions of section 44AA are applicable to Mr.  Yash  and he is either liable to main...