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Income Tax

Babul Roy (Business) (48 Points)

22 October 2019

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?

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4 Replies

prasad Nilugal ( GST Practitioner & Accounts ) (14870 Points)
Replied 22 October 2019

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 .

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lakshya rawat (33 Points)
Replied 22 October 2019

Since tution income is covered under head income from business or profession, u will have to file itr-3

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sabyasachi mukherjee (27736 Points)
Replied 22 October 2019

Babul is it done under a banner.
hv u declared ur income in the past.

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Kapadia Pravin (17264 Points)
Replied 22 October 2019

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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