Tax Query

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

22 June 2010 Dear All,

My one Friend is received Rs. 300000/- on the basis of Providing Professional Service during the last year. Now he want

to save his tax. Please provide me on which basis he can minimize his tax liablity . He is also not maintaining his book

of Accounts. Please urgent reply.

thanks

Parmod

mohinder kansal

mohinder kansal (Expert)
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22 June 2010 IF HE IS PROVIDING PROFESSIONAL SERVICES IN THE FIELD AS PROVIDED IN SECTION 44AA, HE IS REQD. TO MAINTAIN THE BOOKS OF ACCOUNT OTHERWISE HE IS NOT REQUIRED TO MAINTAIN THE BOOKS OF ACCOUNT IF HIS INCOME IS LESS THAN RS. 120000/- AND TURNOVER RS. 10 LACS OR BELOW. THE ISSUE CAN BE MANAGED IN THE LIGHT OF ABOVE PROVISIONS CONSIDERING THE FACTS OF THE CASE.