Humble request to Respected Members of ICAI ,, pls help me !!!!!!!!!!!!!
1)Last year ( a.y 2013-2014 ) Personal P&L and Balance sheet ( MY CLIENT IS A LIC AGENT ) prepared BY AN ANOTHER ACCOUNTANT , ALTHOUGH Net total income does not exceeds of Rs 120000/=
2)But this year ( a.y 2014-2015 ) his gross income also less than of rs 120000/= and when I came to know this matter ,I decide that I don’t want to maintain ANY PERSONAL PL AND BALANCE SHEET FOR THIS A.Y 2014-2015,
BCOZ, AS PER 44AA ‘’ AS TOTAL INCOME DOESN’T EXCEEDS OF RS 120000/= IN ANY ONE OF THE 3 YEARS PRECEDING THE PREVIOUS YEARS “ no need of any PL & BS.
My QUESTIONS:
1)Am I right or wrong ?
2)If I don’t want to maintain personal PL and Balance sheet for this a.y 2014-2015 , then Is there any probability of mismatch of figures between last 2 assessment years ( i.e, A.Y 2013-2014 & 14-15 )? If yes pls clarify , if no pls clarify .
3)Actually there is no books of accounts of that particular LIC AGENT, AND that’s why I just want to show smaller part option in PART –A Profit & Loss a/c in Income tax return form ( i.e, Gross Receipts RS 87050,, Gross profit Rs 87050,, Expenses –nil ,, ner Profit Rs 87050 ), so in that case am I right or Wrong ??
Pls response as early as possible .
Regards
CAclubindia
