Need to maintain books of a/c?
Total professional income during previous year is 56200 received as a legal retainer on which Tds was deducted at ten percent under section 194j showing it fees for professional services. Now the assesse is employed for one year on contract and according to contract the amount payable for full duration of contract will exceed 150000 as monthly payment is 13000 before Tds. But during last financial year 56200 was received from November to march. So is the assesse liable to maintain books of account as per requirements of section 44aa of income tax act?
Replies (4)
Not for the FY 2014-15. Even for the FY 2015-16 if there is no further receipts books need not be maintained since receipts will be 93800only.
| Originally posted by : Rajagopalakrishnan R | ||
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Not for the FY 2014-15. Even for the FY 2015-16 if there is no further receipts books need not be maintained since receipts will be 93800only. |  |
Yes, but the receipt only 'Gross Income of the professional..?? The question is not giving any clues of 'Gross Income"of the profession!!!
There is no other income apart from this. So shall we just show this income received as fees for professional services in itr4 and claim tds refund or need to do anything else too?
No books of accounts are required to be maintained by professionals covered u/s 44AA(1):If the gross receipts of aprofession do not exceed Rs. 150,000 in any one of the three years immediately preceding the previous year or where the profession has been newly setup in the previous year, total gross receipts in the profession for that year are not likely to exceed the said amount, then such professional need not to maintain any books of accounts.It means that if the gross receipts of a profession exceed Rs.150,000 in all the three years preceding the previous year only then the books of accounts will be required to be maintained, if the gross receipt exceed the prescribed limit in the two preceding years butnot in the third preceding year then there will be no need to maintain books of accounts.
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