sec 44AD AND SEC. 44AA

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

05 June 2011 ASSESSEE IS USE SEC. 44AD FOR HIS INCOME..
HIS TOTAL TURNOVER IS 40 LAKH..... NOW HIS TOTAL INCOME 320000/- (8% OF 40 LAKH).... IS ASSESSEE BOUND FOR MAINTAINNING BOOKS U/S. 44AA ???

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

06 June 2011 Assessee is not bound to maintain regular books of account.
He can be asked to prove the amount declared by him as turnover. For that he should has to produce his sales invoices or sales register.

Practically, there is no alternative of books of account as -where the business stands can be better known by maintaining
books only.

CA. Krishna K Neeraj

CA. Krishna K Neeraj (Expert)
Follow

06 June 2011 Agreed with the expert.

Moreover the assessee is required to keep such doocuments through which he could proove his turnover/sales

Upgrade to CAclubindia Pro. Subscribe Now!

CA MANOJ GUPTA

CA MANOJ GUPTA (Expert)
Follow

06 June 2011 ACTUALLY THIS IS A CONFUSING POIN6T
UNLIKE SECTION 44AE(5) OR SECTION 44AF(4) OR EARLIER SECTION 44AD(4) THERE IS NO PROVISION IN THE NEW SECTION 44AD WHICH PROVIDES THAT THE ASSESSEE WILL NOT HAVE TO MAINTAIN ANY BOOKS ETC
THE ISSUE IS BEING DEBATED UPON AT VARIOUS FORA AS OF NOW
CA MANOJ GUPTA
JODHPUR
09828510543