Dear Sir/Sirs,
I am a mbbs doctor preparing for postgraduation. I worked in a private hospital last year for pocket money for which tds was deducted at a rate of 10% for my professional services and I recieved form 16A from my employer. Now that my net annual income is just 120600(without tax deduction) which is less than Rs.2lacs, my queries are:
1) Am I liable to maintain account (as I am new to the profession with an annual income of less than Rs.1,50,000)??
2) How to maintain an account when I am working as a resident in a hospital and have no private patient of my own to deal with and maintain records?? I only have the records on payments recieved from hospital ever month..
3) Since I have no maintained records, does it mean, I should fill the "NO ACCOUNT CASE" section of Part A Balance sheet and Profit and loss account??
4) If it is a No account case, then how to fill section 6 of Balance sheet?? I have no idea what to write in places for "Amount of total Sundry debtors", "Amount of total Sundry creditors" and "Amount of cash balance"..
5) What about "Gross reciepts", "Gross profit", "Net Profit" sections in Profit and loss account....??
Please Help...
Thank you in Advance,
Pranjol.