Sec 44AF

This query is : Resolved

Yatin (Querist)
Follow

02 April 2009 If a person has income u/s 44AF of Rs.78950 (ie.sale and purchase of gold ornaments)and also having income of repair and making of gold ornaments on job work in which he earned Rs.88960. The aggregate income is Rs.167910. Whether penalty can be levied for not maintaining books or not.

CA. B.SRINIVASULU

CA. B.SRINIVASULU (Expert)
Follow

02 April 2009 The books of account has to be maintained if the turnover is 40 Lakhs or

If the trader is not agreeing for a profit of 5% on the turnover

otherwise books are not required and penalty cannot be levied.