Tax Treatment

This query is : Resolved

Mannu (Querist)
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16 March 2009 A client has the degree of Architect but don't have the license for the same. He is started his own business in the location, Chandigarh. Now he is not maintaining any books of accounts.
1) I am confused to start from where.
2) His income is below Rs 2lacs.
3) Not maintained in P&L and B/S.
4) Head's of income shown is: Under the head of Consultancy & Contract.
5) TDS was charged under the head of consultancy and contractor.
Can anyone tell me how to go with it.

Regards
Mannu

CA Tilak Raj Sharma

CA Tilak Raj Sharma (Expert)
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16 March 2009 The person profession comes under "Specified Profession" as per section 44AA. As per section 44AA, if the gross receipt of person carrying specified profession exceeds Rs. 150,000 then such person is required to maintain books as defined under rule 6F like cash book, journal register, ledger etc.

CA Tilak Raj Sharma

CA Tilak Raj Sharma (Expert)
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16 March 2009 So you need to prepare books of accounts and then prepare the profit & loss account and balance sheet.

I am a Chartered Accountant from Solan. I also have some of my client in Chandigarh, if you think that you need my help then you can contact me on ca.tilakrajsharma@yahoo.com or 9805028580.

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