Return filing

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

15 November 2011 I want to file a return of a person who is carrying on business of running a very small shop with the monthly turnover of Rs.20,000. He is not having any records of purchase & sale as all transaction are in cash.
Can I file his return without any supporting?
Or I have to prepare the Cash Statement or the proprietors Account?

CA Kartik Sharma

CA Kartik Sharma (Expert)
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15 November 2011 Dear Author,
pls refer sec 44AD of the Income Tax Act,1961. If the assessee shows 8% or more of the total turnover as his profits or gains then there is no requirement for maintaing the books.