04 January 2011
sir if we have turnover below 60lacs in the financial year 2010-11 in u/s 44AD & 44AF then we are liable to maintain books are not plz confirm me
First please be sure that your turnover is below the exemption limit. Else you will be running the risk of non maintaining proper records u/s 44AA and also non compliance with sec 44AB. Added to this you may take benefit of 44AF, but in case your turnover happens to cross 60 lacs by any case you will be an assessee in default of all the above provisions.
Now assuming that you are very sure that your sales are below this limit, there is no requirement of maintaining any books of account, but would suggest that you maintain atlease documents to show revenue, which will always be useful should a query come at a later stage
04 January 2011
Mr. Vivek Raju's advise is very practical and sensible. In the absence of sales Register and Bills it will be very difficult to prove your turnover. Even though w e.f. 01-4-2011 sub section iv of section 44AA comes into effect and requirement of maintenance of Books of Account has been prescribed for only those cases, where the assessee claims lower profit i.e. less than 8%. But without maintaing Books of account it is difficult to arrive the profit. So it is always advisable to maintain books of accounts.
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