“ FROM A.Y 2014-2015 ONWARDS , PERSONAL PROFIT & LOSS A/C & BALANCE SHEETS COULD HAVE BEEN MANDATORY FOR NON SPECIFIED PROFESSION “……
ANOTHER BAD NEWS ( SEC 44AA IN CASE OF NON-SPECIFIED PROFESSION ) !!!!!!!!!!!
“ FROM 2014-2015 ON-WARDS , PERSONAL PROFIT & LOSS A/C & BALANCE SHEETS COULD HAVE BEEN MANDATORY FOR NON SPECIFIED PROFESSION , WHERE GROSS INCOME/RECEIPTS EXCEEDS RS. 1,20,000/= & RS 10 LACS IN CASE OF TURNOVER , FAILURE OF WHICH MAY ATTRACT PENAL PROVISION U/S 271A OF RS 25000/= “.
Newly appointed CBDT Chairperson told, that the current number of people who pay taxes in the country is "too small" and the Income Tax department will focus on tax evaders, non-filers and stop-filers to increase government's revenue collection. From A.Y 2014-2015 onwards,, Assessing officer / ITO may issue notice towards concealment of income in terms of SALES / IN TERMS OF INACCURATE PARTICULARS OF INCOME .
Thanks..
PALASH RAKSHIT