Not maintaining books of account
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 August 2013
AN ASSESSEE IS EARNING COMMISSION INCOME OF RS. 19 LAKH DURING FINANCIAL YEAR 2012-13 ON WHICH TDS IS DEDUCTED U/S 194H OF RS 190000/-
HE IS NOT MAINTAINING BOOKS OF ACCOUNTS,
NOW I WANT TO SHOW NET PROFIT OF RS. 3 LAKH,
CAN SHOW THIS FIGURE IN ITR-4 IN ROW NO.
51 NO ACCOUNT CASE?
IS I HAVE TO FILL BALANCE SHEET OR NOT?
HE IS NOT MAINTAINING BOOKS OF ACCOUNTS,
NOW I WANT TO SHOW NET PROFIT OF RS. 3 LAKH,
CAN SHOW THIS FIGURE IN ITR-4 IN ROW NO.
51 NO ACCOUNT CASE?
IS I HAVE TO FILL BALANCE SHEET OR NOT?
02 August 2013
No you cannot use the option of "no maintaining books of a/c",
as per sec 44AA if gross income is more then Rs.1,20,000 then books of a/c are mandatory to be maintained.
as per sec 44AA if gross income is more then Rs.1,20,000 then books of a/c are mandatory to be maintained.
02 August 2013
1)Books of accounts is mandatory for you
2)use no accounts case but you should provide atleast 1/3rd of gross receipts ,,then it will be okay,,and we can satisfy department
3)but here as you want to disclose a profit of 3 lakhs i recommend you to take professional help and construct profit and loss account with the best estimate and using transactions in bank account
balance sheet is not mandatory
2)use no accounts case but you should provide atleast 1/3rd of gross receipts ,,then it will be okay,,and we can satisfy department
3)but here as you want to disclose a profit of 3 lakhs i recommend you to take professional help and construct profit and loss account with the best estimate and using transactions in bank account
balance sheet is not mandatory
02 August 2013
Mr ganesh at once side you say "its mandatory and in next line you say it you provide for atleast 1/3 of gross receipts then it will be okay and we can satisfy department."
further u recommend to make profit and loss a/c.
what kind of contradictory advise is this??????
further u recommend to make profit and loss a/c.
what kind of contradictory advise is this??????
03 August 2013
As per act it is mandatory to maintain books of accounts
But it will be okay if we are not claiming expences and paying taxes totally on gross receipts or less expences,,it will be okay department may not object
i have done a return in such a way for professional receipt of 8 lakhs with out claiming any expences return was processed as per my ITR-V
But it will be okay if we are not claiming expences and paying taxes totally on gross receipts or less expences,,it will be okay department may not object
i have done a return in such a way for professional receipt of 8 lakhs with out claiming any expences return was processed as per my ITR-V
03 August 2013
so you think it will work for evry1 and if we overide law nothing will happen??????
03 August 2013
THINK PRACTICALLY IF ASSESSE NOT CLAIMING EXPENCES HOW CAN DEPARTMENT OBJECT
.
.
OKAY..I HAVE DONE IT BECAUSE ASSESSE NOT HAVING BOOKS AND HE DONT EVEN WITHDRAWS MONEY FROM HIS BANK ACCOUNT..
.
.
SURE IT WILL WORKS TO EVERY ONE IF ASSESSE IS NOT CLAIMING ANY EXPENDITURE
.
.
WE CANNOT EXPECT DEPARTMENT TO ASK US TO DO RECTIFICATION AND WILL GIVE REFUND OF TAX PAID
.
.
OKAY..I HAVE DONE IT BECAUSE ASSESSE NOT HAVING BOOKS AND HE DONT EVEN WITHDRAWS MONEY FROM HIS BANK ACCOUNT..
.
.
SURE IT WILL WORKS TO EVERY ONE IF ASSESSE IS NOT CLAIMING ANY EXPENDITURE
.
.
WE CANNOT EXPECT DEPARTMENT TO ASK US TO DO RECTIFICATION AND WILL GIVE REFUND OF TAX PAID
03 August 2013
THINK PRACTICALLY IF ASSESSE NOT CLAIMING EXPENCES HOW CAN DEPARTMENT OBJECT
.
.
OKAY..I HAVE DONE IT BECAUSE ASSESSE NOT HAVING BOOKS AND HE DONT EVEN WITHDRAWS MONEY FROM HIS BANK ACCOUNT..
.
.
SURE IT WILL WORKS TO EVERY ONE IF ASSESSE IS NOT CLAIMING ANY EXPENDITURE
.
.
WE CANNOT EXPECT DEPARTMENT TO ASK US TO DO RECTIFICATION AND WILL GIVE REFUND OF TAX PAID
.
.
OKAY..I HAVE DONE IT BECAUSE ASSESSE NOT HAVING BOOKS AND HE DONT EVEN WITHDRAWS MONEY FROM HIS BANK ACCOUNT..
.
.
SURE IT WILL WORKS TO EVERY ONE IF ASSESSE IS NOT CLAIMING ANY EXPENDITURE
.
.
WE CANNOT EXPECT DEPARTMENT TO ASK US TO DO RECTIFICATION AND WILL GIVE REFUND OF TAX PAID
03 August 2013
stop advising people to override law....
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