Okay? Is the point clear?
Now, he has told us some conditions, that these
professionals, do all these professionals, for example, a
new singer is made today.
You only know Sonu Nigam, Arijit Singh, Dileer Mehndevi.
My friend is a singer.
He plays guitar and roams around the streets all day. He is
also a singer.
He plays guitar in the streets and sings songs like, Jai
Jai Jai Jai
Once he leaves, he never comes back.
He sings in the streets and thinks that one day he will
become a great singer.
Now, the problem with him is that he is in the category of
a singer and if he is in the category of a singer, then he
is in the category of a professional.
Now, he does not have any money in his pocket.
Will he make his own books of accounts?
Someone gives him Rs. 5, Rs. 7, Rs. 10.
They give him so much money.
Now, what will he do?
What will he do? Will he maintain books of accounts for Rs.
He earns Rs. 50 in a day.
In Rs.
50, what will he keep in account?
How much money will he give to the accountant?
So, in that case, the government said that it is true that
the small people, you are only talking about the top
people, but the small singers, small actors, actors, they
do theatre.
They work in theatres, for example.
They do plays.
They do plays on the streets as well.
If they work on those, they do not earn that much.
If he comes to maintain books of accounts, he will give all
the money to the chartered accountant.
So, in that case, the government said that we understand
your pain and suffering.
And we said that if your gross receipts, if your gross
receipts, if you say gross receipts, the amount of money
you have earned throughout the year, in a way, it has
become your sales.
If your gross receipts,
I am talking about your profession, and if your gross
receipts are Rs.
1.5 lakh annually, and if you are standing here today, and
3 years back, look 3 years back, if you are standing here
today, and in the previous 3 years, if your gross receipts
are more than Rs.
1.5 lakh annually, then it will be assumed that you have so
much money in your pocket that you can maintain your books
of accounts.
And in that case, you will have to maintain your books of
accounts.
Gross receipts,
3 years, this year, in the previous 3 years, if your gross
receipts are more than Rs.
1.5 lakh, then you will have to maintain your books of
accounts.
My friend, in the previous year, his total receipts were Rs.
2 lakh, in the previous year, his total receipts were Rs.
1 lakh, and in the previous year, his total receipts were
Rs.
Rs. 50,000, Rs.
1 lakh, and finally Rs.
2 lakh.
In his 3 years, are his gross receipts more than Rs.
1.5 lakh?
Answer is
No.
So, does he need to maintain his books of accounts?
Yes or no?
No, sir.
Rs. 1.5 lakh is not exceeding in 3 years.
Sir, if I have a new business, you are talking about those
whose professions are running.
Suppose, I have opened a new profession today.
I have decided today, for example, I will talk about myself.
If someone tells me that you teach so well, you act so
well, why don't you go into serials?
You will get a job in serials.
You will take the place of Ronit Roy.
If someone tells you that you look like Ronit Roy, you take
the place of Ronit Roy.
Because the second part of
Saas Bhi Bahuti is being made, you will get the role of Mir
Virani.
Who will I become?
Actor.
They asked me, do you act?
I said, yes, I do.
Do you like acting?
I said, no one likes acting.
Will you work in serials?
I said, yes, I will.
I am a new actor.
I have no acting experience.
I have no income from acting in the last three years.
What will I do in this case?
For a new professional, the government said, if you think
that this year you will get a gross receipt of more than Rs
1.5 lakh, then in that case, you will also have to maintain
books of accounts.
I will go and ask Ekta Kapoor madam, how much will you give
me for an episode?
She will say, we will give you Rs 10,000 for an episode.
And because our serial runs for 5-7 years, you will have to
shoot for 365 days.
I know that Rs 10,000 for a multiplayer is Rs 365.
Oh my God!
I will earn so much money.
I will earn more than Rs 1.5 lakh.
She said, yes, you will.
I will earn more than Rs 1.5 lakh in a year.
She said, yes, you will.
Then I will have to maintain books of accounts because I
feel that
I will earn more than Rs 1.5 lakh in the current year.
Who am I? I am a new professional.
I have set up a new profession.
Suppose, I am not even in this category.
And suppose, I am not even in that category.
What should I do now?
In the second case, what should I do?
I should have some information about how much money I
earned in a year, how much money I took from whom, and how
much money I gave to whom.
In that case, the government said, prepare some documents
so that our income tax officers don't face any problem in
calculating your income.
If you fall here, you have earned more than Rs 1.5 lakh in
the last three years.
Gross receipts, books of accounts, you will have to
maintain compulsorily.
Or you are a new hero and you feel that this is a new
profession.
If you earn more than Rs 1.5 lakh in this new profession,
you will have to maintain compulsorily.
If you don't fall here, what does the second category say?
It says, maintain some books of accounts so that our income
tax officers can easily calculate their income.
My dear, this is the point.
Sir, whose point is this?
This is the point of professionals.
Professionals are legal, medical, doctors, music singers,
lyricists, etc.
Let's move ahead.
Let's talk about how to maintain books of accounts for
businessmen.
Let's talk about how businessmen maintain their books of
accounts.
Who can run a business?
If I talk about businessmen, either an individual HVF can
run a business as an individual.
For example, I am C.H. Rehgupta.
Will I run my business as C.H.
Or what can I do?
I can run my business as a company.
Company's regulations, rules, conditions are different.
Individual's business running conditions are different.
Let's see what is there in this.
If your turnover is more than 25 lakhs,
or more than 2.5 lakhs, your profit, your PGVP income, that
too when?
In any one of the last three years.
Director sir, please focus on the camera.
Your sales are more than 25 lakhs,
or your PGVP income is more than 2.5 lakhs.
In any one of the last three years.
If you are standing here today, then in the last three
years, 1, 2 and 3, in these three years, is my sales more
than 25 lakhs?
In these three years, is my PGVP income more than 2.5 lakhs?
If yes, then you have to maintain, compulsorily, books of
accounts.
Is there any problem?
Shall we proceed?
Okay, sir.
If this is an individual company, then here it comes to 25
lakhs, 10 lakhs.
And here the profit comes to 1,20,000 rupees.
It is the same condition.
If you are standing here today, then in the last three
years, in any one of the last three years, if your sales
are more than 10 lakhs, or your profit is more than
1,20,000, then you have to maintain, my dear, books of
accounts.
So that we can know, how much money you have earned, how
much money you have lost, how much income tax you have to
pay.
This is the point, sir.
Sir, when I maintain books of accounts, for how many years
do I have to maintain it?
The answer is six years.
You have to maintain it for six years.
Make a file, print it out, and tell someone, to maintain it
for six years.
If my assessment is clear, then I will show it to the
officer, that I have printed it out, and kept it in a file.
And as your ad says,
I have to maintain it for six years.
I cannot do it, but I have to maintain it.
you will have to maintain your books of accounts for the
next 6 years This was the point, this section was saying
the same thing which I explained to you in simple language
If you like to understand in a different language then come
with me and try to read the text
By the way, this is the same thing which I have explained
to you
Come with me
See this, gross receipts
Gross receipts 1.5 lakh rupees in all the 3 years
Immediately preceding the previous year
Where the profession has been newly set up 1.5 lakh rupees
If he thinks that I will earn more than 1.5 lakh rupees
I will talk to Ekta Kapoor
I will ask her
Madam, do you think I will earn more than 1.5 lakh rupees?
Will you give me so much money?
She will say yes, I will give you
From that day, I will start maintaining my books of accounts
And what will come in books of accounts?
She told me
Cash book, journal, ledger
Bills and receipts, carbon copies
If the bill is more than 25 rupees then keep the carbon
copies safe
Original bill and receipts
If you are a doctor then register the case daily
And if you keep medicines then keep the inventory statement
And where to keep it?
Principal place of profession
Where you have an office
Suppose you have offices in 2-3 places
Then where is the main head office?
Where the head office is, keep the books of accounts safe
For how many years?
Here, 6 years
Now look at this question
He is saying that he is a film artist, Vinod
Who is Vinod, a film artist?
Does he come in movies?
Who is Vinod? I know Vinod Khanna
We took Chandni's example
I don't know who Vinod is
Still, if he comes to ask us a question, we can't tell him
that we don't know him
The client will feel bad
Vinod is saying that he is a film artist and he has given
the receipts 1.15, 1.80 and 2.50
Does he need to maintain the books of accounts?
It is a simple thing
My gross receipt is more than 1.50 lakhs in 3 years In 3
years, it is more than 1.50 lakhs
He is a professional
When the question comes, first check
Is he a professional or a businessman? In business, there
is a limit of 25 lakhs
In profession, it is 1.50 lakhs
Is he a professional film artist?
The question itself says that I am a professional
Is it more than 1.50 lakhs in 3 years?
No Is it more than 1.50 lakhs in 2 years?
No In my opinion, it should not be more than 1.50 lakhs
In the present case, Vinod is a person carrying on his
profession as a film artist
It is a notified profession
But his gross receipts are not more than 1.50 lakhs
So 44 AA will not be applicable
Come sir
He is talking about business
In business, there is a limit of 2.50 lakhs and 25 lakhs,
but only in a year
It is newly set up
If you have opened a business in the same year
Then check in the same year
Do you think you will be able to sell more than 2.50 lakhs?
Or do you think you will be able to earn more than 2.50
lakhs?
If yes, then make it
Who has stopped? Take this sir
Okay sir
Let's move ahead
In the next class we will cover 44 AB
Thank you very much