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
- Reopen of assessment proceeding
- TDS on Consultancy- Non DTAA
- Depreciation of fixed assets- coop housing society in mumbai
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- Gift Received from nonblood relative
- Management System (IMS)
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Reprocessing of rectification order AY 2025-26
- FTS Taxable under 115A
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
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
