My client is doctor who is associated with hospital. Now hospital authority deduct TDS in Section 194J. However hospital is giving fixed payment every month. Due to Section 194J as per 26AS we are treating it as a Income from B&P and filling ITR-4. Does my client require to maintain or keep its books of accounts ?
23 July 2016
As per the provisions of section 44AA of the Income-tax Act, 1961, a person carrying on business or profession is required to maintain books of accounts if the total turnover of the assessee in any of the three years prior to the previous year is more than Rs 10 lakhs or the total income is more than Rs 1.2 lakh. If an assessee who claims his income to be lower than the amount determined under the various provisions relating to presumptive income are also required to maintain books of accounts.
25 July 2016
Yes. You need to keep the books of accounts.....(But mind you.....it will be very easy in such cases to maintain books of accounts.....some 12-15 credit i.e. income entries....and few expenses entries in cash book.....Patients register need not be maintained as it is maintained by the hospital wherefrom your client is getting 194J fees.)
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