08 December 2010
One of my friend has income from Embroidery work. He doesnot maintain his books. Can he file his return under 'No account case', if yes then how should the income or profits be calculated to show under the head Profits & Gains of Business or Profession? Also what is the limit for compulsory maintaining the books of accounts? Please Reply ASAP.
08 December 2010
Income will be 5% of previous year turnover.
If he wants lower profit margin , he has to mantain the books of accounts, otherwise up to 40 lakhs no requiremenbt of maintainance of books of accounts.
Querist :
Anonymous
Querist :
Anonymous
(Querist)
10 December 2010
Thanks for your reply Shailesh Sir..but I am not clear on one thing.. that whether to calculate the turnover,he has to sum up his receipts books for the year & then figure out the income by calculating 5%on it.(eg. if the receipts for the year total Rs.3lac, then will his income for the year be 5%on 3lac i.e.Rs.15000/;) this is a small amount.
I am confused on this issue..Plz elaborate this point. His status is individual. Can he file his return on Estimated basis?
CAclubindia
