my friend has two business one is xerox & DTP works (gross receipt 700000)second one is civil works (he has one JCB)(gross receipt 1500000)but he is not maintaining any books of accounts
09 July 2012
Dear Anonymous friend S.44 ad reads as follows 1) Assessee should be Resident HUF, Individual or Partnership firm 2)Eligible business can be ANY BUSINESS except Plying, hiring, or leasing of goods carriage reffred to u/s 44ae 3) gross receipt/turnover should not exceed 60 lacs
Now in ur case i assume your assessee is falling in any one of the category mentioned in point 1 and I.T dept. has specify ANY BUSINESS due to this your all business income will come under one roof Since your turnover/gross receipts exceeds Rs. 60 lacs you will not be able to claim under 44AD
Should you have any query feel free to ask. Regards Jay shah
09 July 2012
Yes,he can file return under section 44AD for the above. Maintaining Books of Account is required if asseessee claims that his profit and gains from the eligible business as lower than the profits and gains specified in sub-section (1) and whose total income exceeds the maximum amount which is not chargeable to income-tax, shall be required to keep and maintain such books of account and other documents as required under sub-section (2) of section 44AA and get them audited and furnish a report of such audit as required under section.
CAclubindia
