06 August 2013
I have recd professional fee for teaching in private classes per lecture basis. Total amount for the F.Y 12-13 is Rs. 230000/-whether I have to maintain books of Account under section 44aa of income tax pls guide. Also pls let me know if the due date of filing of ITR on 05/08/2013 upto what time I have to upload online retrun before 12Am pls guide about the timing.
06 August 2013
1. Books of accounts have to be maintained if INCOME exceeds Rs. 1,20,000 or gross receipts exceed Rs. 10 lakhs.
In your case, gross receipts are less than Rs. 10 lakhs. If you show income of Rs. 1,20,000 or more then you are required to maintain books of accounts.
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