09 October 2012
If Gross Receipts(Turnover) Rs.3500000 and Net Profit Rs.285250 [8.15% of Gross Receipts, sec 44AD] In this situation Books of Accounts maintain mandatory(sec 44AA) or not??
09 October 2012
If One goes into Presumptive Basis for Calculation of Income, No Books are required. If the person goes with normal provisions, Audit u/s 44 AB might not be there, but Assessee has to maintain books of accounts u/s 44AA.
10 October 2012
Sec 44 AD presumptive taxation does not require maintaining books of account, therefore if he goes for the same, no books of accounts is required.
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