Maintain of books of account

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 August 2011 hello sir,

my father is doing transportation business.and we already files last two year returns.and we didn't maintain books of account. we wants to file return for assessment year 2011-12 because of getting home loan.and our business also covered in section 44ae. so please give me suggestion for filling return & procedure for that. thank u sir..

CA Chitta Ranjan Das

CA Chitta Ranjan Das (Expert)
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20 August 2011 Since you have mentioned that your business is covered u/s 44AE of Income Tax Act,1961, i am therefore, mentioning herewith the procedures of filing Return:

(i) The Form of Return appliable to you is ITR-4S.You need to fill this form for all those columns or rows which is under the heading "booksof account not maintined".

(ii) The Income you are entitled to show is in the Return is:

(a) Rs.5,000/- p.m.during the period the heavy goods vehicle is owned by you.

or/and

(b)Rs.4,500/- p.m. during the period the vehicle other than (a) above is owned by you.

(iii)You need not have to maintain any books of account if u show the income as stated above. If you show that ur income is less than above then proper books of account needs to be maintained.

In this way you can file the ROI with the tax department.