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?
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.
CAclubindia
