Private tution fees

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

15 April 2012 I am giving private tutions And I charge Rs5000/ per student. My income from tution fees is Rs150000/.Shall I have to give the name of students from whom I receive Fees in my Income TAx Return.Shall I have to maintain A/Cs for income Tax Purpose.

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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15 April 2012 You are comes under professional category. Those professional income exceeds the Rs.150000 p.a is required to maintain the books of accounts as per section 44AA. So you are liable to maintain the books of books of account with the details of the students and the fee receipts and expenditures related to you profession in case your net profit from your profession exceeds the Rs.150000 p.m.

And you no need to submit any details of the students etc... to the IT department but you have kept these all records upto 6 to 8 years from the completion of the year for the future assessing by the Assessing officer in case of any requirement such as for the purpose of scrutiny etc...
OM SAI SRI SAI JAI JAI SAI

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