Is audit u/s 44aa for home tution required for scenario

Sir,

Till FY 14-15 I used to declare earning in "Schedule BP" - against "Any other income not included in profit and loss account/any other expense not allowable (including income from salary, commission, bonus and interest from firms in which individual/ HUF/prop. concern is a partner)" 

And after that used to declare in P&L & Balance Sheet under "No Account Case" section. 

Details are -

FY 14-15: Schedule BP: 214000,  Income from other sources: 8753, 80C benefit: 43103

FY 15-16: Gross Receipt: 282000, Expenses: 32000, Net Profit: 250000, Income from other sources: 103865, 80C benefit: 93327

FY 16-17: Gross Receipt: 268000, Expenses: 35000, Net Profit: 233000, Income from other sources: 124556, 80C benefit: 100422

FY 17-18: Gross Receipt: 275000, Expenses: 35000, Net Profit: 240000, Income from other sources: 125728, 80C benefit: 102942

Note: Other income source are FD interest, Dividend from MF & Equity

So my question are -

1) Am I liable to maintain accounts as per section 44AA? If yes, what are the requirement?

2) For expenses - any thing need to maintain?

3) I am using ITR-3 - Nature of Business 17007, Is this ok to use No Account Case section (For assessee carrying on profession) of P&L & Balance sheet?

4) Is P&L / Balance Sheet required or need declare earning in schedule BP?

 

Regards,

Jigar

Replies (2)

Request someone to guide me in above situation...

Regards,

Jigar

The assessee should maintain books of accounts if the income from business or profession exceeds Rs.1,20,000 or gross receipts exceeds Rs.10,00,000

(from FY 2017-18 the limits are Rs.1,50,000 for income and Rs.25,00,000 for gross receipts). 

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