Jyothis (Article) (1127 Points)
04 August 2016A general commission agent receiving commission from Post of Office & LIC.
And his Gross receipt is 6 lacs & NP is always 3 lacs plus.
Whether all non specified business and profession has to maintain books of account if their Net income exceeds Rs.1.5 lacs/1.2 lacs as the case may be.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177713 Points)
Replied 05 August 2016
YES you are correct, but just ledger, cash book and bank statements are enough
Jyothis
(Article)
(1127 Points)
Replied 05 August 2016
What are the consequences.if answer is given as no in ITR to "Are liable to maintain books of Account u/s 44AA",
& showing in ITR 4, 53 Head no : NO ACCOUNT CASE
In a case where regular books of account of business or profession are not maintained, furnish the
following information for previous year 2014-15 in respect of business or profession
1) Gross receipts : 4-5 lacs
2)Gross profit : Same as gross receipt
3)Expenses : 90-150,000
4)NP : 3 lacs +
Jyothis
(Article)
(1127 Points)
Replied 05 August 2016
No issue was there showing 44AA no & Got refund as per ITR, even NP was higher than 1.2 lac for non specified busines
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177713 Points)
Replied 05 August 2016
If anything goes unnoticed at certain times, doesn't make it a law. In practise, there are so many things and so many times such things happen. Being smaller amount, even department or AO also lets it Go on humanitarian grounds.
But when we speak of rules, on this platform, we have to go by Book prints.......
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177713 Points)
Replied 05 August 2016
Practically, when you are already declaring about 60% or more as Net profits of your total receipts, need for books hardly remains.
Manoj Barik
(Senior Executive(Accounts & Taxation))
(71 Points)
Replied 24 June 2019
In case No Account Maintain
When you calculate tax of an Insuranse agent (below link) u can c ,no ad hoc deduction allowed when commission more than Rs 60000 ,than menas u should maintain account if gross receipt more than Rs 1.5 Lakh under rule 6F of IT or not claim deduction means total commision should treat as ur income.
https://www.incometaxindia.gov.in/Pages/tools/Agent-Commission-Calculator.aspx
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