No a/c case
This query is : Resolved
16 August 2012
sir
an assessee have income for assessmet year2012-13 is Rs 190000, can it fill up the itr4 as no a/c case? thanks
an assessee have income for assessmet year2012-13 is Rs 190000, can it fill up the itr4 as no a/c case? thanks
K Srinivas, CMA CS
(Expert)
17 August 2012
Is the assessee an Individual professional or a firm or a company? Please be specific.
17 August 2012
sir
as you ask the asseseee is an individual commission holder agent.
as you ask the asseseee is an individual commission holder agent.
K Srinivas, CMA CS
(Expert)
17 August 2012
Thanks.
A commission agent is required to maintain the accounts if:
1. in any of the 3 previous years, his income from such profession or gross receipts exceeds Rs. 1.20 Lacs or Rs. 10 Lacs respectively;
2. the profession was set up only last year, then if his income from such profession exceeds Rs.1.2 lacs or the gross receipts during last year exceeds Rs.10 lacs;
Assuming that the agent's income from this profession is Rs.1.90 Lacs, It is not possible to file the return as "No Account" cas i.e. he needs to maintain the accounts.
A commission agent is required to maintain the accounts if:
1. in any of the 3 previous years, his income from such profession or gross receipts exceeds Rs. 1.20 Lacs or Rs. 10 Lacs respectively;
2. the profession was set up only last year, then if his income from such profession exceeds Rs.1.2 lacs or the gross receipts during last year exceeds Rs.10 lacs;
Assuming that the agent's income from this profession is Rs.1.90 Lacs, It is not possible to file the return as "No Account" cas i.e. he needs to maintain the accounts.
17 August 2012
sir
Thanks for your valuable advice. there is mistake by me that is Rs 1.9 lacs commission received by the individual assessee is not as income it is gross receipt because the amount of commission
before deducting any expenses. please advice me sir.
Thanks for your valuable advice. there is mistake by me that is Rs 1.9 lacs commission received by the individual assessee is not as income it is gross receipt because the amount of commission
before deducting any expenses. please advice me sir.
K Srinivas, CMA CS
(Expert)
17 August 2012
The Rs.1.20 Lacs is net Income after deducting all expenses related to the profession.
Even after deducting all such expenses , if the net income is still more than Rs.1.20lacs, the assessee cannot file return as No Accounts Case
Even after deducting all such expenses , if the net income is still more than Rs.1.20lacs, the assessee cannot file return as No Accounts Case
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