Legal Profession
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 November 2010
I am a Advocate doing practice in High Court. I am filling IT return every year. I have to know, I have filed from many year but not maintain any records for these. now my receipts from prof. is around 3 lacs. now Do I need to Maintain regular Records ? what kind of records to be maintained & from which limit ? How to maintain (guide as you know about advocate Prof. transaction)? (No Bill,No Receipts,No Proof)
10 November 2010
Please refer the following link.
Sec 44AA(1) is clear It begins with the words "Every person carrying on LEGAL, MEDICAL...... etc., shall maintain the books of accounts & other documents as may be enable the Assessing Officer to compute the total income inaccordance with the provision of Income Tax Act,1961
Insofor as you CONVINCE the AO, you can continue the exising practice (No Bill,No Receipts,No Proof)But suggested to atleast maintain the Cash book, Bank books, Receivables etc., which are useful to know the position of fee receivable from your clients etc.,
https://law.incometaxindia.gov.in/DIT/File_opener.aspx?page=ITAC&schT=&csId=03b08d89-2af7-4ef4-87fb-0267b4282d2d&rdb=sec&yr=75996b99-a798-4098-bca8-e66ee23fe426&sec=44AA&sch=&title=Taxmann - Direct Tax Laws
Sec 44AA(1) is clear It begins with the words "Every person carrying on LEGAL, MEDICAL...... etc., shall maintain the books of accounts & other documents as may be enable the Assessing Officer to compute the total income inaccordance with the provision of Income Tax Act,1961
Insofor as you CONVINCE the AO, you can continue the exising practice (No Bill,No Receipts,No Proof)But suggested to atleast maintain the Cash book, Bank books, Receivables etc., which are useful to know the position of fee receivable from your clients etc.,
https://law.incometaxindia.gov.in/DIT/File_opener.aspx?page=ITAC&schT=&csId=03b08d89-2af7-4ef4-87fb-0267b4282d2d&rdb=sec&yr=75996b99-a798-4098-bca8-e66ee23fe426&sec=44AA&sch=&title=Taxmann - Direct Tax Laws
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
- CLOSING STOCK QUERY
- Exiting partner in partnership firm in gst portal
- TDS on rent received on hardship compensation being rent on redevelopment of building
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- Missed TDS
- IT returns for fresh job holders
- F&O reporting in ITR
- CASH GIFT FROM BLOOD RELATIVE
- TDS offline utility
- Due Date Clarity
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
- TDS on property - Form 141 query
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
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
