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books of accounts

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Querist : Anonymous

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Querist : Anonymous (Querist)
02 December 2009 There is a rule in IT for civil contracts that earning below 40 laksh per annum, need not maintain books of accounts and just take 8% of gross turnover for calculation of tax. How about for commission agents and professional income for F.Y 2009-10. Kindly guide.
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Amol Gopal Kabra (CA,CS,DISA)

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Amol Gopal Kabra (CA,CS,DISA) (Expert)
13 December 2009 There is no such provision for presumptive income for commission agents and professional in the Income Tax Act as of now. There are certain provisions in the forthcoming Direct Tax Code.
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