Book of accounts maintain or not.

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Querist : Anonymous

Querist : Anonymous (Querist)

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??

CA Rohin Arora

CA Rohin Arora (Expert)
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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.

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Querist : Anonymous

Querist : Anonymous (Querist)

10 October 2012 So Sirji in this case if he goes for sec 44AD he needs not to maintain books of accounts,is not it?

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CA. Jatin Gupta

CA. Jatin Gupta (Expert)
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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.