There was an Assessee who is filing returns from last 3years into business of running TT to carry passengers(employees of companies )and receive money for services given (Though business is run for more than 15 years now). Gross income has been around 500000 and net income less than 250000(has always been higher than 8%). Had not opted for presumptive and regular books were not maintained.W
hile filing return BS and p&l were not given rather another option of showing gross receipts not required to maintain books were opted.
in 2018-19, around 7,00,000 is gross and net is 328000....further in march 2019 he has got into poultry business in his son's name one TT is also sold. Parallelly he wants to come out of TT business also.
Question is as per 44AA for 2019-2020 books have to be maintained if 328000 is shown in 18-19? further for 18-19 should BS , P&L be prepared?
"Question is as per 44AA for 2019-2020 books have to be maintained if 328000 is shown in 18-19?"
Yes, as per sec. 44AA(2) incase of individual, if income exceede Rs. 2.50 L, maintenance of books of accounts become mandatory.
"Further for 18-19 should BS , P&L be prepared?"
Yes, once books are maintained, there comes the result.
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