Raghavendra Kamath
(164 Points)
Replied 12 May 2021
Barkha
(None)
(171 Points)
Replied 12 May 2021
| Originally posted by : sabyasachi mukherjee | ||
 |
Since in the query you hv not mentioned anything about the details of turnover.In any case if you forward the details , I can certainly advise you future course of action.Compare the details with your accounts prepared.I am a qualified accountant and hv relevant experience in filing returns. |  |
Gross receipts is 1,67, 500 with expenses reported of around 7 lakhs for which I have receipts, but no book of accounts.
Barkha
(None)
(171 Points)
Replied 12 May 2021
| Originally posted by : Raghavendra Kamath | ||
|
Applicable to 44ada too. | |
Thanks for your help. Appreciate it. But without selecting business code in 62, ITR3 doesn't proceed further for 44ada
Barkha
(None)
(171 Points)
Replied 12 May 2021
| Originally posted by : veerendar singh | ||
|
This time cpc has got very vigorous with these kinds of errors. many erroneous practices will have to be now stopped. in each case we have to carefully examine applicability and requirements of 44aa, 44ab, 44ad and 44ada | |
To me it seems they are pushing everyone to use Presumptive Scheme or maintain accounts, which is just harassing people with income lower than 20 lakhs.
veerendar singh
(tax consultant)
(3301 Points)
Replied 12 May 2021
sabyasachi mukherjee
(26053 Points)
Replied 12 May 2021
Barkha
(None)
(171 Points)
Replied 12 May 2021
| Originally posted by : veerendar singh | ||
|
Raghavendra does not seem to understand that.barkha you have mentioned that several times. Barkha you have to first understand that you are not eligible for presumptive income under 44ada. you will have to draft bs and p&l. | |
Thank you. I will consider your advice.
Barkha
(None)
(171 Points)
Replied 12 May 2021
| Originally posted by : sabyasachi mukherjee | ||
|
Barkhawhat is your nature of income?category of receipts? | |
Field is basically translation. Receipts are mainly for translation from others, proofreading, review, testing of translations, etc.
sabyasachi mukherjee
(26053 Points)
Replied 13 May 2021
Raghavendra Kamath
(164 Points)
Replied 13 May 2021
Outcry for this stand of it sept could been seen from all over India
Barkha
(None)
(171 Points)
Replied 13 May 2021
| Originally posted by : Raghavendra Kamath | ||
|
Outcry for this stand of it sept could been seen from all over India | |
This is definitely just harassing the middle class. But who is there to listen. The govt. and the govt bodies these days just don't listen. Firstly, Covid is wreaking havoc and then instead of giving any tax relief, you further harass people who are paying taxes. Very disappointing.
Raghavendra Kamath
(164 Points)
Replied 13 May 2021
It is unwarranted step by IT dept to call for regulaR books for incomes at least up to ₹.5 lakhs. A healthy disclosure of => 25% on ₹.20 lakhs which is max limit as per 44AA was sufficient. It may be one of tactics of red tapism by defering it refund of commission and brokerage earners. Defect notices should be withdrawn
Barkha
(None)
(171 Points)
Replied 13 May 2021
| Originally posted by : Raghavendra Kamath | ||
|
It is unwarranted step by IT dept to call for regulaR books for incomes at least up to ₹.5 lakhs. A healthy disclosure of => 25% on ₹.20 lakhs which is max limit as per 44AA was sufficient. It may be one of tactics of red tapism by defering it refund of commission and brokerage earners. Defect notices should be withdrawn | |
Agree. But what can people do? There doesn't seem to be an option. If we raise a grievance, they wouldn't respond or just take too much time, citing Covid. As if Covid is affecting only IT department, not the common man.
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