exempted business

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 May 2011 Sir
My saree showroom .Saree are exempted sale tax .My firm gross turn over 2600000.00 per year and net profit 168000.00 per year lump sum but i am not maintain accounts u/s44AA please give me answer .

Amol Gopal Kabra (CA,CS,DISA)

Amol Gopal Kabra (CA,CS,DISA) (Expert)
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07 May 2011 You need to disclose your profit @ 8% that comes to Rs. 208000 (Section 44AD)

Else, you need to maintain books of accounts and also get them audited under Section 44AB.