cksingh (sm) (25 Points)
20 July 2010Dear Sirs,
Greetings,
Some of my friends want to file ITR for loan purpose. They are engaged in non organised sectors such as supplying milks to houses, vending vegetables, etc. There total turnover is approx rs 7 lakhs and profit of ~ 1.5 lakhs. My question is which ITR form to use? Is it ITR 4? If yes, whether they would be liable to maintain accounts as per section 44AA?
Thanks in advance. Rgds / CKSingh
CA. BIJENDER KR. BANSAL
(ACA, B.COM)
(8148 Points)
Replied 20 July 2010
ITR 4 WILL BE USED.
NO REQUIRED TO MAINTAINED BOOKS OF ACCOUNT IF TOTAL TURNOVER IS RS. 7 LAC
Nomula Sreenivasarao
(DGM -Accounts)
(163 Points)
Replied 20 July 2010
Dear Bansal ,
How much turnover (required)will cross to maintain books in above case
vkbothra
(Learning )
(690 Points)
Replied 20 July 2010
Dear N.Sreenivaas
no need to maintain books if your trunover is below 10 LACS (in business case)
and
Rs. 120000/- in professional case ;)
CA. BIJENDER KR. BANSAL
(ACA, B.COM)
(8148 Points)
Replied 20 July 2010
Maintenance of accounts by certain persons carrying on profession or business.
5044AA. (1) Every person carrying on legal, medical, engineering or architectural profession or the profession of accountancy or technical consultancy or interior decoration or any other profession as is notified51 by the Board in the Official Gazette shall keep and maintain such books of account and other documents as may enable the 52[Assessing] Officer to compute his total income in accordance with the provisions of this Act.
(2) Every person carrying on business or profession [not being a profession referred to in sub-section (1)] shall,—
(i) if his income from business or profession exceeds 53[one lakh twenty] thousand rupees or his total sales, turnover or gross receipts, as the case may be, in business or profession exceed or exceeds 54[ten lakh] rupees in any one of the three years immediately preceding the previous year; or
(ii) where the business or profession is newly set up in any previous year, if his income from business or profession is likely to exceed 55[one lakh twenty] thousand rupees or his total sales, turnover or gross receipts, as the case may be, in business or profession are or is likely to exceed 56[ten lakh] rupees, 57[during such previous year; or
(iii) where the profits and gains from the business are deemed to be the profits and gains of the assessee under section 44AD or section 44AE or section 44AF 58[or section 44BB or section 44BBB], as the case may be, and the assessee has claimed his income to be lower than the profits or gains so deemed to be the profits and gains of his business, as the case may be, during such previous year,]
keep and maintain such books of account and other documents as may enable the 59[Assessing] Officer to compute his total income in accordance with the provisions of this Act.
(3) The Board may, having regard to the nature of the business or profession carried on by any class of persons, prescribe60, by rules, the books of account and other documents (including inventories, wherever necessary) to be kept and maintained under sub-section (1) or sub-section (2), the particulars to be contained therein and the form and the manner in which and the place at which they shall be kept and maintained.
(4) Without prejudice to the provisions of sub-section (3), the Board may prescribe, by rules, the period for which the books of account and other documents to be kept and maintained under sub-section (1) or sub-section (2) shall be retained.]
AS PER MY ADVISE , YOU HAVE TO FILE HIS RETURN AS DEEMED PROFIT U/S 44AF RETAILER
I.E MINIMUN PROFIT IS 8% OF TOTAL TURNOVER.
THEN YOU NEED TO DO ANYTHING , SHOWN PROFIT IN RETAIL BUSINESS MORE THAN 8%
| Originally posted by : CA. BIJENDER KR. BANSAL | ||
 |
Maintenance of accounts by certain persons carrying on profession or business. 5044AA. (1) Every person carrying on legal, medical, engineering or architectural profession or the profession of accountancy or technical consultancy or interior decoration or any other profession as is notified51 by the Board in the Official Gazette shall keep and maintain such books of account and other documents as may enable the 52[Assessing] Officer to compute his total income in accordance with the provisions of this Act. (2) Every person carrying on business or profession [not being a profession referred to in sub-section (1)] shall,— (i) if his income from business or profession exceeds 53[one lakh twenty] thousand rupees or his total sales, turnover or gross receipts, as the case may be, in business or profession exceed or exceeds 54[ten lakh] rupees in any one of the three years immediately preceding the previous year; or (ii) where the business or profession is newly set up in any previous year, if his income from business or profession is likely to exceed 55[one lakh twenty] thousand rupees or his total sales, turnover or gross receipts, as the case may be, in business or profession are or is likely to exceed 56[ten lakh] rupees, 57[during such previous year; or (iii) where the profits and gains from the business are deemed to be the profits and gains of the assessee under section 44AD or section 44AE or section 44AF 58[or section 44BB or section 44BBB], as the case may be, and the assessee has claimed his income to be lower than the profits or gains so deemed to be the profits and gains of his business, as the case may be, during such previous year,] keep and maintain such books of account and other documents as may enable the 59[Assessing] Officer to compute his total income in accordance with the provisions of this Act. (3) The Board may, having regard to the nature of the business or profession carried on by any class of persons, prescribe60, by rules, the books of account and other documents (including inventories, wherever necessary) to be kept and maintained under sub-section (1) or sub-section (2), the particulars to be contained therein and the form and the manner in which and the place at which they shall be kept and maintained. (4) Without prejudice to the provisions of sub-section (3), the Board may prescribe, by rules, the period for which the books of account and other documents to be kept and maintained under sub-section (1) or sub-section (2) shall be retained.] AS PER MY ADVISE , YOU HAVE TO FILE HIS RETURN AS DEEMED PROFIT U/S 44AF RETAILER I.E MINIMUN PROFIT IS 8% OF TOTAL TURNOVER. THEN YOU NEED TO DO ANYTHING , SHOWN PROFIT IN RETAIL BUSINESS MORE THAN 8% |
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pradip roy
(service)
(44 Points)
Replied 23 February 2011
Greetings !
Pls. advice,
COMPUTATION OF INCOME Amount [ Rs.]
INCOME FROM BUSINESS & PROFESSION
Deemed Profit U/s.44AF (Screen Printing Job) 188,302
INCOME FROM OTHER SOURCES
Bank Interest on Saving Bank A/c 115
TOTAL INCOME 188,417
Less ;- U/s. 80C - LIC Premium 27,108
TOTAL TAXABLE INCOME 161,309
TAX ON 1,61,310/- 131
Add:- Ecess @ 3% 4
TOTAL TAX 135
vijayaggarwal
(CA. IN PRACTICE)
(89 Points)
Replied 23 February 2011
an assessee is required to maintain its books of accounts if
its turnover exceeds Rs. 10 Lacs
or
if his income from B & P exceeds Rs. 1.20 Lacs
hence in the above asked query assessee is required to maintain its books of accounts.
Analysis of 20 GST Notices (including 2 Appeals) and Practise on Drafting(with recording)
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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