3 question for specified profession or non specified ???
This query is : Open
27 March 2015
Question_1: one has income from insurance Commission u/s 194D, I want to know under which profession does it come?
Specified Profession or non specified Profession.
Question_2: What is the tax slab rate for the income from business or profession who use ITR-4.
Question_3: Are maintenance of books of accounts are compulsory or not of FY 2010-2011 if
Gross profit: 252500.00
Expenses made: 97300.00
Net Profit: 155200.00
Specified Profession or non specified Profession.
Question_2: What is the tax slab rate for the income from business or profession who use ITR-4.
Question_3: Are maintenance of books of accounts are compulsory or not of FY 2010-2011 if
Gross profit: 252500.00
Expenses made: 97300.00
Net Profit: 155200.00
27 March 2015
1.For the purpose of Sec 44AA of Income Tax Act, 1961, legal, medical, engineering, architectural, accountancy, technical consultancy, interior decoration, or any other notified profession (i.e., authorised representative, film artist, company secretary and information technology) are specified professions. Authorised representative means a person who represents any other person, on payment of any fee or remuneration, before any Tribunal or authority constituted or appointed by or under any law for the time being in force, but does not include an employee of the person so represented or a person carrying on legal profession or a person carrying on the profession of accountancy.
2.slab rate depends on whether ur non senior or senior indian citizen.
3.only when total income is more then 1.20 lakhs.
2.slab rate depends on whether ur non senior or senior indian citizen.
3.only when total income is more then 1.20 lakhs.
27 March 2015
It means books of accounts are compulsory for question_3 as net profit excees Rs: 1.20 Lakhs ??????
27 March 2015
For non Specified Profession, books of Accounts are compulsory, when turnover 1.20 exceeds during a single year or during 3 Financial year???
27 March 2015
http://www.charteredclub.com/section-44aa/
you can check all the details in this link.
you can check all the details in this link.
27 March 2015
Ok, but I need help in return filling. In FY 13-14 one has shown net profit Rs: 1.50 It indicates mandatory books of Accounts for same period. But in FY 14-15 if one has shown net profit which is below than 1.20 In this case maintenance books of accounts are mandatory or not?
27 March 2015
Ok, but I need help in return filling. In FY 13-14 one has shown net profit Rs: 1.50 It indicates mandatory books of Accounts for same period. But in FY 14-15 if one has shown net profit which is below than 1.20 In this case maintenance books of accounts are mandatory or not?
27 March 2015
once sec 44AA is made applicable then every year irrespective of reciepts the books needs to be maintained.
27 March 2015
It means one will have to maintain books of Accounts for FY 14-15 too either net profit is below than 1.20 because It was applicable since FY 13-14. thanks a lot tushar ji....
27 March 2015
the ans is yes......you are welcome neha.......
28 March 2015
A tax payer has filled return for AY 11-12. while filling ITR-4, he select (No status) under the column of "Are you liable to maintain books of Accounts u/s 44A" for the following things.
Gross Profit: 252300
Expenses made: 97300
Net Profit: 155200
However he should have selected (Yes status).He got refund & no query by ITD is placed yet regarding the incorrect information mentioned (No status) under such column as mentioned above.
Now I am filling his return for AY 13-14, what should I select Yes/No under column of "Are you liable to maintain books of Accounts u/s 44A". becoz if books of accounts r mandatory in a single year it will keep going on for the next years as u said.
Gross Profit: 252300
Expenses made: 97300
Net Profit: 155200
However he should have selected (Yes status).He got refund & no query by ITD is placed yet regarding the incorrect information mentioned (No status) under such column as mentioned above.
Now I am filling his return for AY 13-14, what should I select Yes/No under column of "Are you liable to maintain books of Accounts u/s 44A". becoz if books of accounts r mandatory in a single year it will keep going on for the next years as u said.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Sale of goods from my GST proprietorship firm to my GST HUF proprietorship firm with karta me
- Cash deposited to salary account from gold loan account
- Can huf give gift to karta or kartas wife and son
- Assessment Procedure Us 147
- TDS deduction liability ?
- Itc on computer
- Capital goods Cross charges
- ESI Contribution after implementing COSS
- How to file ITR for AY 2024-25
- Rent received from builder for Redevelopment of flat
- ITR revision intimation recd.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Composition Dealer GST Annual Return Filing process
- TDS under section 195.
- Filing GST Returns after death of proprietor
- Registered Required in GST Act
- Switch over to Composition Scheme
- Gstr 9 and itc
- Clarification regarding IMS
- RCM on Construction of Apartment - Real estate
CAclubindia
