10 November 2013
Dear Abhishek, The term gross receipt has not been defined under Income Tax Act and it has to derive its meaning from other acts or general parlance... Considering your example Gross receipts will the amount received from clients towards services rendered by you.....
As per section 44AA, advocates come under specified profession and hence they are required to maintain accounts irrespective of their gross receipts... For those Other than specified profession Every person shall maintain books of accounts (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..
CAclubindia
