IS PROFESSIONAL PERSON ARE LIABLE TO MAINTAIN A BOOKS OF A/? TELL ME THE CONDITION.
IN CASE WHEN HE CLAIMING THE EXEMPTION
3 Replies
Manoj BG
(Tax Professional and in Service)
(1795 Points)
Replied 27 July 2010
Dear Sudhir,
Please confirm first what kind of profession u'r talking about. If the profession comes within specified professions under 44AA of the income tax act 1961, then they mandatorily have to maitain the books of accounts irrespective of it's turnover, gross receipts or net profit.
However, if the profession is non specified i.e. non specified professions, books of accounts needs to be maitained when
1. Gross receipts, turnover exceeds Rs.10,00,000 in any of 3 financial years preceeding previous year. OR
2. Net profit exceeding Rs.150,000 in any of 3 financial years preceeding previous year.
If the profession newly set up, if the turnover gross receipts, or net profit likely to exceed the limits mentioned above in the previous year.
Hopes this solves u'r query...
Regards,
Manoj
DT Fundas - Tarun rustagi
( Author)
(1150 Points)
Replied 27 July 2010
dear manoj i am disagree with u.
because there is a limit for specified professions also.and the condition is-
1.if the gross receipts exceeded rs.150000 in all the three years preceeding the previous year.
2.is likely to exceed rs.150000 in current p/y if profession is newly set up.
and for non specified profession i am agrred on the turnover limit but net profit or income is rs 120000 instead of rs.150000 .
Manoj BG
(Tax Professional and in Service)
(1795 Points)
Replied 27 July 2010
Yes,
U r absolutely right. The limit is correct as mentioned by u.
Regards,
Manoj
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