08 June 2016
Every person carrying on business or profession [not being a profession referred to in sub-section (1)] shall,
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 44AE] [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; or]]
14[(iv) where the profits and gains from the business are deemed to be the profits and gains of the assessee under section 44AD and he has claimed such income to be lower than the profits and gains so deemed to be the profits and gains of his business and his income exceeds the maximum amount which is not chargeable to income-tax during such previous year,] keep and maintain such books of account and other documents as may enable the [Assessing] Officer to compute his total income in accordance with the provisions of this Act.
Querist :
Anonymous
Querist :
Anonymous
(Querist)
09 June 2016
SIR , IN THIS ARTICALS ONE WORDS USE AS BUSINESS INCOME NOT OVER THEN 10,00,000 SO U NOT MAINT.BOOK OF ACCOUNTS ?
Querist :
Anonymous
Querist :
Anonymous
(Querist)
11 June 2016
Expert Rupesh...
Give Me a one Help
In Itr 4 and itr 4s no books of record maint. so both are same or different.