A person having business in the form of commission earning about 5 lakhs a year. He has also income from salary, Income from other sources, Income from capital gain.
He doesn't maintain books of accounts since he is not liable to do so.
As commission income is not covered in presumptive basis and given the fact that the assessee don't maintain books of accounts, how can he report his business income in ITR 3?
2 Replies
prasad Nilugal
( GST Practitioner & Accounts )
(14801 Points)
Replied 28 June 2024
As per section 44 AA of the income tax Act , if your income as individual exceeds 2.50 lacs rupees or sales turnover exceeds 25 lacs from the business, it is mandatory to maintain books of accounts. please refer section 44 AA of the income tax Act and confirm.
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