ITR-4 queries for a consultant

yes u are right ,if u dont maintain your accounts book.

 b. Gross profit should be 52500

rest all things right!

Thanks all

CA-ARTiCLE - you are right. I mis-typed it as 12500. Thanks.

Another question I have : Is there a limit to the amount I can show under 51 of Part P&L above which one is supposed to maintain my accounts?

ya if your professional receipts cross 10 lakh .....then u have to maintain compulsory books of accounts.

saheb anand   is perfectly Correct.....

Thanks, saheb anand and lalit aggarwal..

my pleasure

hi amol if ur revenue is rs 52500 & tds on it rs 5408 u receive only rs 47092 & after exp ur cash bal will be rs 34592

hello saheb anand in case of specified professional the limit  of gross receipts for maintaining books of a/c is more than rs 150000 as per sec 44AA

That does not work. The TDS will be deducted twice in that case . Once as you have explained and another time when i declare it in Schedule TDS2.

hello tarun.......ya but Anmol is not a specified employee

Tarun, Saheb Anand,

Thanks for your replies till now.

I have already e-filed my return. However, I have to get this clarified on whether I have to revise it.

My gross receipts are above 1.5L but below 10L.

Questions I have are

1. Where can I find the list of "specified professions" as mentioned in 44AA? /books/tax_audit_guide/Chapter_3.asp  mentions a "Official Gazette". Where can I find that online?

2. If its not online, is "IT Consultant" under the "specified profession". Saheb Anand has already answered this as negative. Then I think the 10L Gross receipts limit applies and I dont have to revise, correct?

HI Amol if u r information technology consultant then sec 44AA will be applicable &  if ur gross receipts exceeds rs 150000 in any of 3 years immediately preceding the previous year i.e current year  other wise not. however u need not to revise ur return if ur receipts exceeds only in current year

Well here are some more facts based on which I feel I wont have to revise my returns. Pls correct me if I am wrong.

Before FY 2007-2008, No income as IT consultant

FY 2007-2008

Gross receipts ~50K

FY 2008-2009

Gross receipts > 1.5L < 10L

FY 2009-2010 - No income as IT consultant