A commission agent is required to maintain the accounts if: 1. in any of the 3 previous years, his income from such profession or gross receipts exceeds Rs. 1.20 Lacs or Rs. 10 Lacs respectively;
2. the profession was set up only last year, then if his income from such profession exceeds Rs.1.2 lacs or the gross receipts during last year exceeds Rs.10 lacs;
Assuming that the agent's income from this profession is Rs.1.90 Lacs, It is not possible to file the return as "No Account" cas i.e. he needs to maintain the accounts.
17 August 2012
sir Thanks for your valuable advice. there is mistake by me that is Rs 1.9 lacs commission received by the individual assessee is not as income it is gross receipt because the amount of commission before deducting any expenses. please advice me sir.
CAclubindia
