Hi, I would like to ask you that if a Doctor has income by of Insurance Commission and Professional fees for which TDS has been deducted by the trust which pays such Professional income and has no other income, than is he required to maintain his books of A/cs. His income is more than 5 lacs from such sources. Also he should file ITR in which form?
Deesha-If doctor is in receipt of Rs.1,50,000 or more as a professional fee in a FY, then he must maintain books of accounts. Now the person in question is income from his professional and insurance. Hence, he must use the ITR4 to file IT returns.
BUt what if he dosent maintain any books and the return has to be filed for last year i.e.14-15. Then how to upload his return
Deesha-If it is not maintained, then try to do it immediately based on what is filed in IT Return. Because whenever the AO asks to produce the books, you must produce it. Otherwise, there is a penalty on it. Keep in mind that you must retain such books for a minimum of 6 assessment years.