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Person with 40 lac turnover and no books of account

Ashim kr Ray (social service) (1695 Points)

04 December 2016

Sir, A person not firm whose turnover near around Rs 40lac and falling U/S 10(26) which is exempted ,can return be shown in NO BOOKS OF ACCOUNT.

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9 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (178226 Points)
Replied 04 December 2016

I guess, business of construction contractor!!

Yes, quite possible, it can be declared under section 44AD, and no books of accounts required upto turnover of 2 Cr., for FY 2016-17.

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Ashim kr Ray (social service) (1695 Points)
Replied 04 December 2016

Thank you sir,

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ca.jothi (chartered accountant) (33 Points)
Replied 04 December 2016

No books required if turnover less than 2 crore

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Ashim kr Ray (social service) (1695 Points)
Replied 04 December 2016

Sir

when exempted claim 10(26) in ITR in BP against profit of business.Then whole income comes zero.At the time of printing ITRV Gross Total income & Total income also show NIL.This ITRV indicate that individual has no income but actually his income is exempted.

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (178226 Points)
Replied 04 December 2016

Fill in the detail in Schedule EI, against Sr. No. 5 ::Others, including exempt income of minor child

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CA Deepak Kumar (Chartered Accountant) (415 Points)
Replied 05 December 2016

mandatory for maintaining books of Accounts 1st total turnover upto 2cr 2nd total professional receipts upto 50L

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Ashim kr Ray (social service) (1695 Points)
Replied 05 December 2016

Sir, Rambhia,

If the income is to be shown in EI Schedule for 10(26) then there no need to fill up NO ACCOUNT CASE, or BOOK of Account. As it is already exempted am i right sir.

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (178226 Points)
Replied 05 December 2016

Yes, but always better to declare the details, whatever available, though not mandatory.

As the ITR data can be used as official records with other departments.

CMA Sawinder Singh Chug (Cost Accountant) (674 Points)
Replied 05 December 2016

Books of accounts are required to be miantained under different state Vat laws if it is registered under it.. I am producing chapter 5 of Punjab Vat Act for the reference.