Book maintance

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 March 2014 Sir,

Please let me know if I am earning 110000 from my tution income and 80000/- salary I am getting from school, do I need to maintain book for my tution income

please suggest

C.A. Mayur J. Raiyani

C.A. Mayur J. Raiyani (Expert)
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25 March 2014 (1) no,
(2) your tution income is considered as business income. so declare at least 8% of your gross receipt as income. if this 8% or more income exceeds 120000 then and only books are required to be maintained. So you can have your gross receipts Rs. 15 lacs upto which need not to maintain books of account.