Sec 44ad & maintenance of books

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

14 November 2017 Now the deptt.is considering return of income as defective u/s 139(9) if we have not given gross turnover / receipts ,net profit
and also cash , closing stock, sundry debtors /sundry creditors .My question is:
1.Is it necessary to maintain books of account to know about the above items and mention them in return of income ?

and
2.Can we just make / take figures about cash,closing stock,sundry debtors/ creditors as on the 31st march and mention the same in return of income when the return is filed ?

what precautions we have to take when books of account are not maintained on regular basis ?

Amol S Joglekar

Amol S Joglekar (Expert)
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14 November 2017 since your query is related to 139(9).......recently many cases are reported that the CPC issued notices to assesse and subsequently withdrew these notices by saying that the same were sent inadvertently.
For 44AD, books of accounts are not required to be kept.

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Querist : Anonymous

Querist : Anonymous (Querist)

17 November 2017 thank you
but even today i got 2 notices considering returns filed u/s 44AD EVENTHOUGH we have given 4 figures ie cash,sundry debtors,sundry creditors,cl stock and in case of P/L a/c gross receipts expenses and net profit ,estimated at 12%.what we have to do now ? is it necessary to respond to notice ?

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Amol S Joglekar

Amol S Joglekar (Expert)
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17 November 2017 wait for a while. You will receive the letter from CPC stating that the notice was sent inadvertently.