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No account case

ITR 543 views 2 replies

pankaj

Consultant

24 Points Joined July 2011

Hello,

I am a freelance management consultant. I have annual receipts of Rs.6,94,500/-. Can I file ITR 4 as "No Account Case". Would it matter if I want to declare 50% profit? No other source of income (except Rs.1500/- from fixed deposit)

thanks and regards

pankaj

Replies (2)

pahuja

C.A Final Student

472 Points Joined July 2011

Hi pankaj, as per sec 44AA and rule 6f of i.t act 1961 , if gross receipt exceed rs 10 lac or profit/income exceeds rs 1.2 lac in ay of the three years preceeding the relevant previous year, in that case assesse should maintain any books of accounts which may help the A.O. in computing his income. In your case you have to make any books of accounts accordingaly. Thanks and Regards Suraj Pahuja.