Maintenance of Books of account
This query is : Resolved
12 July 2009
Sir,
One of my friends is a LIC agent. He prepared his income and expenditure account relating to his commissions received from LIC. He and his brother has constituted a firm for this purpose and... . the firm shows its income as income from lic agency. the net income after a remuneration to partners of Rs.1,38,000/- is 55,000/-.
Since the net income is below Rs.1,20,000/- - is he liable to maintain books of account (gross comm. is less than 10L).
- to calculate net income from the purpose of sex 44AA, does it mean net income before interest and remuneration to partners or the net income after such exp.
- please answer....
thank you.
One of my friends is a LIC agent. He prepared his income and expenditure account relating to his commissions received from LIC. He and his brother has constituted a firm for this purpose and... . the firm shows its income as income from lic agency. the net income after a remuneration to partners of Rs.1,38,000/- is 55,000/-.
Since the net income is below Rs.1,20,000/- - is he liable to maintain books of account (gross comm. is less than 10L).
- to calculate net income from the purpose of sex 44AA, does it mean net income before interest and remuneration to partners or the net income after such exp.
- please answer....
thank you.
12 July 2009
As per Sec.44AA a person has to maintain his books of accounts if his gross receipts > 10 lacs or
Total income exceeds > 1.20 Lacs
in any of the three preceding previous years or in case likely to exceed the above limits in current year in case of newly setup business.
Since you are not falling in any condition, you won't have to maintain detailed books of accounts.
Also, Circular No.8-3-1991 needs to be looked upon for Persons having Income from Insurance Commission.
Total income exceeds > 1.20 Lacs
in any of the three preceding previous years or in case likely to exceed the above limits in current year in case of newly setup business.
Since you are not falling in any condition, you won't have to maintain detailed books of accounts.
Also, Circular No.8-3-1991 needs to be looked upon for Persons having Income from Insurance Commission.
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
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Import license renewal
- Credit profit and loss account in case of bonus share received
- How to determine cost of acquisition of shares on De-merger or Merger
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- 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
Trending Online Classes
CAclubindia
