Not maintaining books of account

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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?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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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.

Ganeshbabu K

Ganeshbabu K (Expert)
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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

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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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??????

Ganeshbabu K

Ganeshbabu K (Expert)
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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

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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03 August 2013 so you think it will work for evry1 and if we overide law nothing will happen??????

Ganeshbabu K

Ganeshbabu K (Expert)
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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

Ganeshbabu K

Ganeshbabu K (Expert)
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CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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03 August 2013 stop advising people to override law....

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