Profit and gain from business and profession
This query is : Resolved
15 June 2017
Compulsory maintenance of books of account for non specified profession , when total income exceed RS120,000 or Gross receipts exceed Rs 10,00,000.
I want to ask how to calculate TOTAL INCOME under PGBP head .
AND WHETHER TOTAL INCOME IS AFTER CLAIMING ALL EXPENSES.
I want to ask how to calculate TOTAL INCOME under PGBP head .
AND WHETHER TOTAL INCOME IS AFTER CLAIMING ALL EXPENSES.
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15 June 2017
not if you are covered under 44ADA professions. if you are not covered therein, then yes it is income net of all expenses.
15 June 2017
Dear Sir
I want to know regarding sec 44AA, whether books of account required to maintain if gross total income from Business exceed RS 1,20,000
AND WHETHER TOTAL INCOME IS NET INCOME AFTER ALL EXPENSES
I want to know regarding sec 44AA, whether books of account required to maintain if gross total income from Business exceed RS 1,20,000
AND WHETHER TOTAL INCOME IS NET INCOME AFTER ALL EXPENSES
15 June 2017
didn't I already answer this in my last message. that if you are not covered under 44ADA, then yes, you have to maintain books if the income exceeds Rs 1.2 lakhs and yes it is net income after all expenses.
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15 June 2017
Yes, income arrived at after deducting expenses.Pl see the wordings in section 44AA(2)(i) which reads as 'if his income from business or profession'.....
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15 June 2017
Sir my client hand commission income from post office of RS 1,29000 before claiming expenses .
whether books of account required to maintain
whether books of account required to maintain
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