Penalty levied by i.t. deptt. under sec.271a
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 December 2018
The Assessee is Professor in IIT & can't take any work without the permission of IIT but due to expertize sometimes IIT allots the o/s consultancy work as well as pvt. sector also approaches the client for tecchnical problem or other consultancy. IIT is not On account of this, the assessee recd. income of Rs. 3591016/- & claim exp. of Rs. 641685/-as expenses on account of consultancy. The A.o. is saying that the professional receipts of assessee exceeds Rs. 10Lacs & since his gross receipts exceeds Rs. 1Cr. Thus he isliable for maintenance of books under sec. 44AA & to getthem audited under Sec. 44 AB. The year of Assessment is 2014-15.
Please Advise for the same.
Please Advise for the same.
16 December 2018
where is the confusion here? both 44AA and 44AB apply. Unless you have a really bonafide reason to explain why books of accounts were not maintained and audit was not done, penalties will apply.
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