Books- to be maintained or not.

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

27 October 2013 An Individual is working on a contract basis with 3 companies. For fy 11-12, he charged total approx 3.5lakh from all companies together and got amount after 1% tds. He has never filed ITR ,but now he wants to claim tds refund. Please tell me whether books of accounts are required to be maintained??
He is taking 3.5 lakh from companies, but after all expenses, he is getting less than 1 lakh for the year. Please reply
Also please tell if I am filing return today for fy 11-12, when he will get refund.
All above will be covered under pgbp??

Nikhil Kaushik

Nikhil Kaushik (Expert)
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27 October 2013 1. Yes his income shall be covered under PGBP.

2. Yes he can file return till 31 March 2014

3. he will get the refund.

4. he can offer his income under 44ad (provided the conditions therein are satisfied). If he does so, no books are to be maintained.

Querist : Anonymous

Querist : Anonymous (Querist)

27 October 2013 Thanks for replying.
He is doing printing work under contract. So No 44ad applicability.
Criteria for maintaining books is income above 120000. He is getting below 1 lakh out of 3.5 Lakh after all his labour and other expenses. So why he has to maintain books??

Nikhil Kaushik

Nikhil Kaushik (Expert)
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27 October 2013 i already said doesn't have to. But since you are referring to 44AD, you need to follow the conditions therein. No doubt in your case, for the current year,ot only that he no need for books. Rather, under 44AD, he can continue to offer income less than 8% without maintaining books as long as the income is under the taxable limit.

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