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44ad & 44aa

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Querist : Anonymous

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Querist : Anonymous (Querist)
22 June 2014 Turn Over 20 lakh
Profit declared 1.5 lakh
Is he liable to maintain the books or not ?

even if he opt for 44AD he is not required to maintain the books, as profit is not more than basic exemption slab

but as profit is less than 8% so would it be said that he is now not using 44AD ans if he is not using 44AD mean he is required to maintain books as per 44AA
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
23 June 2014 1. even if you use 44AD, the income would be less than exempted limit

2. so anyways, you would be able to survive without maintaining books of accounts for this year.
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Rupesh Jain

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Rupesh Jain (Expert)
23 June 2014 if your profit below the exemption limit and profit more than 8% then you opt. 44AD
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
24 June 2014 no need to maintain books of accounts.

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