Hello all
I have a query that if A person wants to exceed my income from 120000/- without maintaining books of accounts while my gross receipts from commission is 276000/-.
Can u all plz shed some lights on the provisions of income tax and tell me whether its possible or not.
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Exceeding Business Income 120000/- maintaining books of a/cs
Replies (2)
Dear Sim your question is not clear,i will try with the following for you:
As per Sec 44AA, if income is from profits & Gains from business then books of accounts is to be maintained if:
a) income exceeds Rs.120000
b)gross receipts/turnover/sales exceeds Rs.1000000 in 3 preceeding previous year or Rs.1000000 in current previous year in case of new business.
If income is from profits & Gains from Notified Profession then books of accounts is to be maintained if gross receipts exceeds Rs.150000 in 3 preceeding previous year or Rs.150000 in current previous year in case of new business.
In your case,you can claim maximum of 40% exp and ue income from business after exp will be 165600,which exceeds the limit of Rs.120000.Hence Books of Accounts is to be maintained.
Thanks Parshu
The Thing is I want to exceed one of my clients income from 120000/- without maintaining books of accounts.
Is it possible in any other way.
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