Presumptive taxation
This query is : Resolved
29 December 2010
An assessee is maintaining books of account and profit disclosed by it is 10% of turnover but he wants to disclose his income as per Sec. 44AD, which is 8% of turnover, and further as per sec.44AD an assessee is not required to maintain books of account, so the question is whether ASSESSING OFFICER can demand books of account under sec.142(1)when income is disclosed as per sec. 44AD?
29 December 2010
No the AO can't insist for books of a/cs if you are assessed u/s 44AD.
30 December 2010
so can have a resort to sec.44AD even if I am having income more than 8% of turnover?
30 December 2010
Sec 44 AD specifies the minimum estimated NP @ 8% , but you can show a higher profit also.
30 December 2010
I am already having income more than 8% of turnover as shown by the books of account maintained by me but I want to have a resort to sec.44AD, can I?
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