Non mainntainance of books
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 June 2012
MY LIC AGENTS CLIENTSDS DONT MAINTAIN ANY EXPENSES RECORDS.COMMISION IS AROUND RS. 5,00,000.
I HAVE FILLED THEIR RETURNS SHOWING N.P. OF 3,00,000. I HAVE SELECTED "IF NO BOOKS ARE MAINTAINED OPTION & GIVEN ONLY REQUIRED FIGURES.WILL THERE BE ANY PROBLEM IN GETTING REFUND.
CAN U SHARE UR EXPERIENCE IN SUCH MATTER?
I HAVE FILLED THEIR RETURNS SHOWING N.P. OF 3,00,000. I HAVE SELECTED "IF NO BOOKS ARE MAINTAINED OPTION & GIVEN ONLY REQUIRED FIGURES.WILL THERE BE ANY PROBLEM IN GETTING REFUND.
CAN U SHARE UR EXPERIENCE IN SUCH MATTER?
27 June 2012
L.I.C.Agent having earned total commisision of more than 60000/- are required to maintain books of accounts .
In present case you should keep books of accounts ready and it should tally with figures you submitted with IT Department.
It will serve two purpose (1) For Next financial Year accounts current year balance sheet will be useful as base .(2) If your case selected under scrutiny , The accounts and other records will be useful to establish your Income as stated in return.
L.I.C.Agent having earned total commisision of more than 60000/- are required to maintain books of accounts .
In present case you should keep books of accounts ready and it should tally with figures you submitted with IT Department.
It will serve two purpose (1) For Next financial Year accounts current year balance sheet will be useful as base .(2) If your case selected under scrutiny , The accounts and other records will be useful to establish your Income as stated in return.
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 June 2012
BUT WHETHER THERE WILL BE ANY PENALTY FOR NON MAINTAINANCE OF BOOKS IN SUCH CASE..?
ALSO WHAT WILL BE CASE IF I M SELECTING "NON MAINTAINANCE OF BOOKS" OPTION IN ITR....? PLZ REPLY
ALSO WHAT WILL BE CASE IF I M SELECTING "NON MAINTAINANCE OF BOOKS" OPTION IN ITR....? PLZ REPLY
30 June 2012
There will be no penalty because though you have filed return under option non maitainance of books, you have kept books and records ready. and you are in position to show same if case is selected for scrutiny.
There will be no penalty because though you have filed return under option non maitainance of books, you have kept books and records ready. and you are in position to show same if case is selected for scrutiny.
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
- About TDS & Income Tax
- Pass word to open justification report for Q1 for FY 2026-27
- PPF interest-As Exempt Income disclosure
- Section 194JA & JB Income which ITR Form to use
- Scrutiny and reopening of past returns
- Type of Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Booth for sales promotion
- Difference in GSTR3B system generated which is correct and actual Payment it asks
- GST ON TRAVELLING BILLS
- TDS on Rent received on redevelopment of building
- Tax on Deemed Capital Gain
- 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
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
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
