Rohit Tulshyan (RTProfessionals) (333 Points)
23 May 2013Dear Members,
If the book profit on a turnover of Rs. 60 lac in 4 lac while u/s 44AD is 4.80 lac. In such a case, can the assessee book the additional profit of Rs. 80 thousand some where in books and than to capital account because he is actully paying Tax on 4.80 lac.
Even though maintaining of books is not compulsory, even though he desires to maintain books. What should be the proper treatment in accounts.
Thank You.
Rama chary Rachakonda
(Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294)
(5128 Points)
Replied 24 May 2013
| Originally posted by : Rohit Tulshyan | ||
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Dear Members, If the book profit on a turnover of Rs. 60 lac in 4 lac while u/s 44AD is 4.80 lac. In such a case, can the assessee book the additional profit of Rs. 80 thousand some where in books and than to capital account because he is actully paying Tax on 4.80 lac. Even though maintaining of books is not compulsory, even though he desires to maintain books. What should be the proper treatment in accounts. Thank You. |
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Eligible Business
The assessee should be engaged in any business except the business of plying, hiring or leasing goods carriages referred u/s 44AE.
Turnover
Total turnover or gross receipt in the previous year of the eligible business should not exceed an amount of rupees sixty lakhs.
Consequences if the above conditions are satisfied
If the above conditions are satisfied, the income from the eligible business is estimated at 8% of the gross receipt or total turnover.
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