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Income Tax
My net income from tution is Rs.600000 (approx), is it necessary to maintain books of account and in which ITR I have to file?
Replies (4)
As per section 44 AA of the Income tax act 2017 , if your Income (profit) from Business & profession exceeds 250000/- (two lacs fifty thousand ) or turnover / gross receipts exceeds 2500000/- (twenty five lac ) he has maintain books of accounts .
Since tution income is covered under head income from business or profession, u will have to file itr-3
Babul is it done under a banner.
hv u declared ur income in the past.
hv u declared ur income in the past.
You can opt for presumptive taxation under 44AD and get rid of maintenance of books of
account. This will be taxable under business /Profession income.
You file ITR 4
Under this you have to show minimum 8% OR 6% (if digitally or cheque receipts) on Gross Receipts of tuition income. OR actual net tuitions income ----- whichever is higher.
Note that you mentioned 6 lakhs as your net income. And hence you consider gross figure.
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Banner or Past declaration are not determining factors and hence irrelevant.
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account. This will be taxable under business /Profession income.
You file ITR 4
Under this you have to show minimum 8% OR 6% (if digitally or cheque receipts) on Gross Receipts of tuition income. OR actual net tuitions income ----- whichever is higher.
Note that you mentioned 6 lakhs as your net income. And hence you consider gross figure.
------
Banner or Past declaration are not determining factors and hence irrelevant.
-------
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