Documents to be filed in case presumptive taxation
This query is : Resolved
21 March 2008
1. In case an assessee opts for presumptive taxation, can he file a personal balance sheet/statement of affairs as doing so would mean that he maintains accounts for his personal transactions.
2. Since all the assessee are not required to maintain books of accounts, should a balance sheet be filed for all
3. In case a balance sheet is not prepared can AO ask for the same in scrutiny assessment
2. Since all the assessee are not required to maintain books of accounts, should a balance sheet be filed for all
3. In case a balance sheet is not prepared can AO ask for the same in scrutiny assessment
21 March 2008
If assessee is not required to maintain the books of accounts the you can prepare the statement of affairs. if you submit the statement of affairs then onus of proff on the assessee to prove any contrary to this.
In scrutiny assessment you just prove your income , need not form the books of account but from any supporting documents.
In many case pricipal of substance over form applies.
Substance over form is the principle that transaction and other event are accounted for and presented in accordance with their substance and economic reality, and not merely their legal form.
Legal form satisfies the recognition criteria but substance of transaction ceases to satisfy recognition criteria then de-recognise as asset / liability.
In scrutiny assessment you just prove your income , need not form the books of account but from any supporting documents.
In many case pricipal of substance over form applies.
Substance over form is the principle that transaction and other event are accounted for and presented in accordance with their substance and economic reality, and not merely their legal form.
Legal form satisfies the recognition criteria but substance of transaction ceases to satisfy recognition criteria then de-recognise as asset / liability.
21 March 2008
WHETHER YOU MAINTAIN BOOKS OR NOT YOU DO HAVE ASSETS AND LIABLITIES AS ON DATE OF BALANCE SHEET ........A STATMENT OF AFFAIRS AS ON THAT CAN ALWAYS BE PEPARED
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