24 July 2009
A professional recipt 7lacs from consultancy. he have no books of account as per calutation i show recipt 7 lacs and exp as 2.20 lacs(detail given him) i not shown any B/S in ITR-4 Am i right
24 July 2009
as per section 44AA of the Income tax act, 2) Every person carrying on business or profession [not being a profession referred to in sub-section (1)] shall,—
(i) if his income from business or profession exceeds [one lakh twenty] thousand rupees or his total sales, turnover or gross receipts, as the case may be, in business or profession exceed or exceeds [ten lakh] rupees in any one of the three years immediately preceding the previous year; or
(ii) where the business or profession is newly set up in any previous year, if his income from business or profession is likely to exceed [one lakh twenty] thousand rupees or his total sales, turnover or gross receipts, as the case may be, in business or profession are or is likely to exceed [ten lakh] rupees, [during such previous year; or
(iii) where the profits and gains from the business are deemed to be the profits and gains of the assessee under section 44AD or section 44AE or section 44AF 9[or section 44BB or section 44BBB], as the case may be, and the assessee has claimed his income to be lower than the profits or gains so deemed to be the profits and gains of his business, as the case may be, during such previous year,]
keep and maintain such books of account and other documents as may enable the 10[Assessing] Officer to compute his total income in accordance with the provisions of this Act.
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