44 ad releated
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 July 2016
Dear Expert..
one Question in my mind :
Mr.A total business income 10,00,000/= he file itr 4s minimum 8%( no maint. Accounts book) but he declare 40% profit and paid income tax .
so my question is in future income tax send any notice regarding for document checking / or expense voucher / income details....
reply urgent if possible.
one Question in my mind :
Mr.A total business income 10,00,000/= he file itr 4s minimum 8%( no maint. Accounts book) but he declare 40% profit and paid income tax .
so my question is in future income tax send any notice regarding for document checking / or expense voucher / income details....
reply urgent if possible.
27 July 2016
44AD says...if assessee carrying sligible business, declares 8% or more as the profit, then books of accounts will not be required to be maintained. So Income Tax dept will NOT send any notice etc. No issues at all
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27 July 2016
Income tax officer will not ask for further information unless he has got additional information available with him other than the income disclosed in ITR
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