Ayush Maheshwari (Student) (138 Points)
21 May 2016
Harshad Kanekar
(Taxation and Accounts Executive)
(314 Points)
Replied 21 May 2016
For which year are you going to file your return?
Are you in Taxable limit?
I mean is your Income above Minimum limit ie 250000 for AY 2015-16 or AY 2016-17.
Do you have any other investment or source from which Income can be generated like FD, LIC policy, Rent, etc. If such incomes together after taking benefits of deduction is above taxable limit then you should file your IT Return. Other wise no need to file ITR.
While filing Income you can show your Interest from Saving account, FD, RD, etc. also.
Ayush Maheshwari
(Student)
(138 Points)
Replied 23 May 2016
I was thinking to file return for AY 2016-17 and whether i need to maintain the books or not
Harshad Kanekar
(Taxation and Accounts Executive)
(314 Points)
Replied 24 May 2016
As per section 44AA(1) read with rule 6F the persons carrying on any of the profession as mentioned below are required to maintain books of accounts and other documents as may enable the assessing officer to compute his total income, if yearly gross receipts of the profession exceeded Rs 150000.
Harshad Kanekar
(Taxation and Accounts Executive)
(314 Points)
Replied 24 May 2016
Hence if you are generating income of more than 150000 then you would have to maintain books of accounts.
Ayush Maheshwari
(Student)
(138 Points)
Replied 24 May 2016
But If i FILE ITR 2 and show Tution Income as other sources as i donot have too much expenses which i can show for this year.
and in next year i will file ITR 4 or 4a can it will be possible
Harshad Kanekar
(Taxation and Accounts Executive)
(314 Points)
Replied 24 May 2016
ITR Can change for different years. It is not necessary that if for 1st year ITR 1 was applicable then you have to continue with it for next year also.
You only need to show all the incomes whether exempt or not while filing ITR.
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