Return of proffesionala

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Avani Mody

Avani Mody (Querist)
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28 February 2014 How to file ITR of proffessionals who does not maintain books of A/cs?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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28 February 2014 Well.

1. If the professional is covered under 44AA(1), then it is compulsory to prepare the books of accounts.

2. non maintenance of books attract penalty under section 271A

3. So, if the professional is covered under 44AA(1), you need to prepare books of accounts first and then prepare the return.

4. Where you prepare the return without the books of accounts, the return at best shall be on estimate basis and AO shall have the right do assessment on best judgment.

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