Filing of return and maintenance of books of accounts
This query is : Resolved
14 October 2016
Respected Sir/Madam,
This the first year that i am filing the return, i am supposed to file the return for the present year as well as the previous year but i am confused that under which head the income will be charged and do i need to prepare the books of accounts as the annual income is around 3.2 lacs so kindly guide me for the same.
This the first year that i am filing the return, i am supposed to file the return for the present year as well as the previous year but i am confused that under which head the income will be charged and do i need to prepare the books of accounts as the annual income is around 3.2 lacs so kindly guide me for the same.
15 October 2016
Dear Umang,
I would like to know the source of Income that you have earned. I.e whether have you earned the income by way of salary or business or by letting out of property etc.. In the above scenario you have given the amount of income but not the nature of how you earned it. Once we know the nature of the income I can help u with it.
I would like to know the source of Income that you have earned. I.e whether have you earned the income by way of salary or business or by letting out of property etc.. In the above scenario you have given the amount of income but not the nature of how you earned it. Once we know the nature of the income I can help u with it.
Message likes :
2 times
17 October 2016
Pardon for the incomplete information sir,
i am having an income from business an i am earning a brokerage by merely making the two parties meet
i am having an income from business an i am earning a brokerage by merely making the two parties meet
17 October 2016
Dear Umang,If your taxable income i.e income after all your expenses exceed Rs2.50 lakhs then it is mandatory for a person to file your income. Since most of your brokerage would be in Cash , I suggest you to maintain a cash book and Bank book and also preserve the expenses vouchers so that it will be helpful to ascertain the net income for the year. The income which you are earning will be assessed under the head Profits and Gains from Business or profession.
All the Best.
All the Best.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Applicability
- Is Aadhar PAN linking required for opening bank account?
- Where to show the RCM on Rent paid to unregistered landlord
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- TDS NUMBER SURRENDER
- Offsetting interest income against derivative trading losses
- Legal heir raised refund , but refund issued to the closed account of deceased.
- Application of 115BAC
- GSTR-3B - Do I file nil when there is no sale but I've bought raw materials
- RCM - commercial rent paid to URP under GST
- Whether still royalty
- 20% OF DEMAND PAYMENT IN APPEAL
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
