Accounts
This query is : Open
20 June 2017
My friend has gross insurance commission receipts of 325,000 and incurred for that is 27,000. Whether books of account required to maintain.
20 June 2017
No you can fill details in no account case. Mention 325000 in Gross receipts & Gross profit column. Show in expenses column amount of Rs.27000/- . Net income is shown as income from B& P
20 June 2017
Mam
In given above case net total income will be more than Rs 120,000 ,which is specified for non specified profession.
Then also why books of account not required to maintain?
In given above case net total income will be more than Rs 120,000 ,which is specified for non specified profession.
Then also why books of account not required to maintain?
20 June 2017
Dear Mam
In given above case net total income will be more than Rs 120,000 ,which is given for non specified profession.
Then also why books of account not required to maintain?
In given above case net total income will be more than Rs 120,000 ,which is given for non specified profession.
Then also why books of account not required to maintain?
21 June 2017
Dear Mam, In the previous query as answered by you ,books of account not required to maintain. But in above case of query as answered by you ,net total income exceed Rs 120, 000, which is the limit given for non specified profession for mainting books of account. Since the limit of Rs 120000 is already crossed . But then also why books of account not required to maintain. I am in confussion , Kindly help.
21 June 2017
Sorry you have to fill details in books of account case as inco.e is more than 150000.
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