I have a proprietorship firm for AY 2011-12 i showed a profit of 150,000 i am maintaing all books of accounts. but my turnover was 28 lakhs so no audit was done. hence i have to assume income as 8% of my turnover ie 232000 (approx). MY tax consultant say to increase the clsoing stock so that in my books that profit is reflected which is coming U/s 44AD. but my point is that we dont need to alter the p/l or B/s.
any suggestion or point?
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44ad
Replies (1)
section 44AD (5) , an eligible
assessee who claims
that his profits and
gains from the eligible
business as lower than
the profits and gains
at the rate of 8 percentage
and whose total
income exceeds the
maximum amount
which is not
chargeable to income-
tax, shall be required to
keep and maintain
such books of account
and other documents
as required under sub-
section (2) of section
44AA and get them
audited and furnish a
report of such audit as
required under section. In your case total income is less than basic exemtion limit, no adjustment is required and no audit is required
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