U/s 44ad

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ravikanth (Querist)
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12 December 2013 My client has filed return of inocme for Asst Year 2011-12 u/s 44AD. Now AO has sent a scrutiny notice u/s 143(2) and asking cash book and creditors parties ledger account. My client has not maintained any books of accounts whcih are also not required u/s 44AD. Is it necessary to produce the cash book and creditors parties ledger account if asked by AO.

TRINATH

TRINATH (Expert)
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12 December 2013 THERE IS NO NEED TO MAINTAIN ANY BOOKS OF ACCOUNTS BELLOW CONDITIONS ARE SATISFIED:-

1)ASSESSEE IS CARRYING ON A BUSINESS OR PROFESSION AND THE INCOME OR TOTAL SALES OR RECEIPTS IS LESS THAN THE SPECIFIED AMOUNT.
2) IF HE IS COVERED UNDER SECTIONS 44AD, 44AE, 44BB OR 44BBB, HE SHOULD NOT DECLARE INCOME LOWER THEN THAT WHICH IS PRESCRIBED UNDER THESE RELEVANT SEC.
3)IF PERSON CARRYING ON SPECIFIED PROFESSION IS NOT COVERED UNDER RULE 6F, HE SHALL HAVE TON MAINTAIN SUCH BOOKS.