12 December 2013
I have filed return of income for the Asst. Year 2012-13 and my business is covered by sec 44AD. Now the ITO has sent a scrutiny notice u/s 143(2) and asking to produce the Cash book and Creditors parties ledger account for that year. But I did not maintain any books of accounts which is not required by sec 44AD. Now I want to produce cash book and Creditors parties ledger account to the ITO. Is is necessary to produce the cash book and creditors parties ledger account to the ITO if asked compulsory by ITO.
12 December 2013
Assuming that the profit declared is 8% or higher of the turnover-
1. You can produce the list of sundry creditors alongwith the supporting bills and vouchers. . 2. State that books of accounts has not been maintained and cash balance represents the actual cash in hand as on the last day of FY. .
CAclubindia
