Filing of return and maintenance of books of accounts

Save Share

This query is : Resolved

Umang (Querist)

14 October 2016 Respected Sir/Madam,
This the first year that i am filing the return, i am supposed to file the return for the present year as well as the previous year but i am confused that under which head the income will be charged and do i need to prepare the books of accounts as the annual income is around 3.2 lacs so kindly guide me for the same.

Sajith Oommen.P

Sajith Oommen.P (Expert)

15 October 2016 Dear Umang,
I would like to know the source of Income that you have earned. I.e whether have you earned the income by way of salary or business or by letting out of property etc.. In the above scenario you have given the amount of income but not the nature of how you earned it. Once we know the nature of the income I can help u with it.

Message likes : 2 times

Umang

Umang (Querist)

17 October 2016 Pardon for the incomplete information sir,
i am having an income from business an i am earning a brokerage by merely making the two parties meet

Sajith Oommen.P

Sajith Oommen.P (Expert)

17 October 2016 Dear Umang,If your taxable income i.e income after all your expenses exceed Rs2.50 lakhs then it is mandatory for a person to file your income. Since most of your brokerage would be in Cash , I suggest you to maintain a cash book and Bank book and also preserve the expenses vouchers so that it will be helpful to ascertain the net income for the year. The income which you are earning will be assessed under the head Profits and Gains from Business or profession.
All the Best.

Umang

Umang (Querist)

17 October 2016 Thanks a lot sir for such a valuable advice

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now