Books of acount for professional
This query is : Resolved
02 August 2016
IF ANY PROFESSIONAL HAVE GROSS INCOME FROM PROM PROFESSION RS.195247 EXP RS. 12245 NET PROFIT RS 183002 OTHER SOURCE INCOME 81245 CAN HE FILE IT RETURN WITH OPTION "WHERE REGULAR BOOKS OF ACCOUNT ARE NOT MAINTAIN" ?
Read more at: https://www.caclubindia.com/experts/modify_message.asp?entry_id=1094858
Read more at: https://www.caclubindia.com/experts/modify_message.asp?entry_id=1094858
02 August 2016
Specified professionals has to maintain books of account as per section 44AA. Please check whether specified profession or not.
02 August 2016
Every person carrying on legal, medical, engineering or architectural profession or the profession of accountancy or technical consultancy or interior decoration or any other profession as is notified by the Board in the Official Gazette shall keep and maintain such books of account and other documents as may enable the Assessing Officer to compute his total income in accordance with the provisions of this Act.
http://www.incometaxindia.gov.in/Pages/acts/income-tax-act.aspx
http://www.incometaxindia.gov.in/Pages/acts/income-tax-act.aspx
02 August 2016
What is your query? Are what profession you or client is into?
02 August 2016
Teaching is not a specified profession. But a profession. Since, the net income exceeding Rs. 120,000 she has to maintain relevant records. Better to issue receipts.
02 August 2016
relevant record is suficient or it should be maintain cash book , ledger , jaournal etc ?
02 August 2016
if her income from profession exceeds one lakh twenty thousand rupees, then books of accounts should be maintained
02 August 2016
relevant record is suficient or it should be maintain cash book , ledger , jaournal etc ?
02 August 2016
maintain books of accounts.
02 August 2016
Cash book receipts are essentials and primary books / documents. Even General ledger, bank book, etc. are required but not warranted as the teaching involves one single head of income and almost no expense. Journal required in case of books are maintained on accrual basis. For one single head of account, TB / GL can draw at any point of time.
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