24 July 2012
please tell me the limit for no account case for filling itr4 from professional income if total gross recipts is 400000,00 and tds deducted @ 10%. Can i fill my return in 51 (no account case) and claim Refund in itr 4.
some one tell me that there is a limit of Rs. 150000/- only to file under no account case. if some one showing more than that slab he wan't to maintian such account of books etc.
25 July 2012
Maintenance of compulsory books of accounts in business & professional will be decided by the section 44AA
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 8[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 9[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 10[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 11[ten lakh] rupees, 12[during such previous year; or
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