Mainenance of books

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

13 July 2017 Respected sirs
I am running a coaching centre and gross receipt is around 12 lakh. I declare income under dec 44ada. Which type of books i need to maintain. pl suggest.
Thanks

Nikhil Kaushik

Nikhil Kaushik (Expert)
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14 July 2017 for 44ADA, you need to maintain no books...just the record of the turnover...

Querist : Anonymous

Querist : Anonymous (Querist)

14 July 2017 Thanks a lot sir. Actually we collect fee in cash from students and deposit total fee in current account. Is it sufficient or we need to issue receipts. please suggest. thanks in advance.

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Nikhil Kaushik

Nikhil Kaushik (Expert)
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14 July 2017 you need to issue receipts

RAJA P M

RAJA P M (Expert)
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14 July 2017 Actually 44ad and 44ada is also not maintained books of accounts case. So, You don't have any proof. But, you can file u/s 44ada you ll calculate 50% of profit in your total income...

Nikhil Kaushik

Nikhil Kaushik (Expert)
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14 July 2017 dear Raja,

you still need to account for the turnover...

Querist : Anonymous

Querist : Anonymous (Querist)

14 July 2017 Thank u so much Mr Nikhil and Mr. Raja .