Currently Finalising a return for F.Y 2010-2011:
A Lady assessee (Non Sr. Ctz.) has income from Business & Other Sources
Income from running household Cooking & other Hobby Classes:
Gross Receipts. Rs. 187540
Less: Actual Exp. Rs. 10,920
Net Profit Rs. 176,620 (Balance is in Bank a/c)
Income from Business: 176620
Income from OS: 16,336
Less: 80C : 8,936
Net Taxable income: 184,020
Should I declare NP @ 8%?
If No,
Is Tax Audit necessary?
Am I required to maintain books of accounts?
THANKS