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Professional Income

This query is : Resolved 
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(Querist)
26 June 2010 Dear Sir,

My friend is running his tution class and getting professional fees from students.

Is there any option available in the IT Act for not maintaining books of accounts ? He is ready to pay lump-sum percent of tax on the gross receipts.

Please advise.
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
26 June 2010 There is option available in IT act for professionals. it is only for business option @ 8% of sales is given.

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