No account case
This query is : Resolved
29 July 2011
Mr. X a Gym instructor having Professional income below Rs. 120000 can show No Account Case in his ITR-4?
Regards,
Devendra
Regards,
Devendra
29 July 2011
He has to keep such books of account so that the AO can deduce his total income correctly.
However, in case where he is showing all the receipts as income without deducting any expenditure, he can file his return in No Books of Account case also.
However, in case where he is showing all the receipts as income without deducting any expenditure, he can file his return in No Books of Account case also.
29 July 2011
Yes. He can show in his ITR as no account case.
29 July 2011
Yes Mr. X can file his return on the basis of no accounts as his income is falling below the limit as provided in section 44AA. You have not mentioned what is gross receipt. If his gross receipt is above 15 lacs then he is covered u/s 44AB as a professional and he will have to maintain the accounts
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