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Tution fees

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(Querist)
06 January 2012 Is private tuition fees received by a housewife taxable as income from profession or income from other sources?
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CA Parth Shah

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CA Parth Shah (Expert)
06 January 2012 Hi Vijay,
It will be charged to tax as Professional Income.
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VIJAY KARUNAKARAN

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VIJAY KARUNAKARAN (Querist)
06 January 2012 Thanks Parth, one more query- whether she has to maintain books of accounts if her income exceeds 1,20,000?
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CA Parth Shah

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CA Parth Shah (Expert)
06 January 2012 Every person carrying on business or profession [not being a profession referred to in sub-section (1)] shall,—

(i) if his income from business or profession exceeds 53[one lakh twenty] thousand rupees or his total sales, turnover or gross receipts, as the case may be, in business or profession exceed or exceeds 54[ten lakh] rupees in any one of the three years immediately preceding the previous year;
Hence U/s 44AA books has to be maintained.
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