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.
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
- About TDS & Income Tax
- Section 194JA & JB Income which ITR Form to use
- Pass word to open justification report for Q1 for FY 2026-27
- PPF interest-As Exempt Income disclosure
- Under construction property in ITR
- Scrutiny and reopening of past returns
- Booth for sales promotion
- Upload Level ValidationITR3Category of Defect B/D
- Building tax payment deduction in rental Income
- F & O PROFIT REPORTING FOR AY 2026-27
- Difference in GSTR3B system generated which is correct and actual Payment it asks
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
