18 March 2015
Hi to all, A client have income from school & coaching. Gross receipt from them during FY 13-14 amounting Rs: 715000/- I want to know whether maintenance of books of Accounts compulsory u/s 44AA or not. However expenses made during same period is Rs: 515000. here net receipt comes Rs: 200000/- Maintanence of books of accounts are compulsory on Gross receipt 715000/- or net receipt: 200000/-?????
18 March 2015
Books of accounts to be maintained, either the income from business or profession exceeds Rs 120000 or the turnover or gross receipts exceed Rs 10 Lakhs in any one of the three years immediately preceding the previous year. As the net receipt exceeds Rs 120000 books of accounts has to be maintained from next year.
20 March 2015
Tushar & Ankit ji, Turover during FY 13-14 is only Rs: 715000/- where net receipt is Rs: 2 lac after adjusting expenses of Rs; 515000/- from school & coaching. I don't think audit is applicable where TDS is deductible or not? Audit is applicable where turnover is more than 1 crore from business & 25 lac from profession. isn't?
20 March 2015
thats what i m saying... tds and audit have only one link... that if you are under audit, then only u need to deduct tds... and if you arent liable for audit, u need not to deduct tds in that case....
20 March 2015
Conclusion: since for fy 13-14 your turnover was below 1 crore the no tds is applicable for fy 14-15 as for 13-14 you were not liable to tax audit.
20 March 2015
I got confuse a bit but now its clear to me now. It means until my turnover cross the limit of Rs: 1 crore. I am not gonna face audit. But those who are not under audit will have to prepare report like Form 3CB or Form 3CD. Are these report required to me or not?
20 March 2015
Tushar ji. can I club income from School & coaching to my personal individual Pan & file income tax return. In this case which ITR would I have to file?
20 March 2015
firstly wat is the status of school regsitered as trust or wat under income tax act and u cannot file with same pan for school and individual itr as it is not sole proprietory business.
20 March 2015
School is running under welfare society but not coaching. School's income is more than coaching. A pan is alloted in the name of society since 2011. but no ITR was filled on society, Now I want to club income from school & coaching to my person ITR & keep start filling ITR of society on nil. kindly put ur comments.....
20 March 2015
Tushar ji, there is no seperate Pan for school as already mentioned school is running under welfare society but coaching is running freely. A pan is issued to society which return is not filled since 2011. In this can, Can I club income from both of them(school & Pan) to personal Pan or not? becoz there is not seperate Pan issued to School.....
20 March 2015
pls clearly state who is providing coaching , you have not mentioned and whoever is providing then wat abt his status under income tax act?
20 March 2015
me & my friend both are running school & coaching(from 1st to B.Com). we have decided to make a welfare society under which we run school & coaching & income from them is to be clubbed with society. that's why we had a pan for society however we got school run under society but coaching couldn't be done. That's why I was confused, whether to maintain books of accounts or not, when this was cleared by you. Now I need, either should I club income of coaching to my personal pan or not. That's it.
20 March 2015
now again a new twist u making evey reply..if ur friend is also providing tuition then have ull formed any prop firm or partnership firm if yes then it will be taxed acordingly if not then who recives the coaching amount and whether it is shared or wat..for clubbing all such details are required.
20 March 2015
Tushar ji, Are both the incomes taxable in my friends hand even school is running under society & Pan no of society is already alloted by ITD since 2011.
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