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Income tax u/s 44ad
Hi friends
If one used to file income tax return u/s 44ad,then if department gives notice for scrutiny assessment then how to tackle it,as the client dont maintain any books?
Replies (2)
Under Section 44AD of the Income Tax Act, Assessee opting for such scheme shall be exempted from maintanance from books of accounts required under section 44AA.
But for computing business profit on presumptive basis and whether assessee is covered under section 44AD, Maintainance of records of turnover is required.
In case of scruitiny, documents to be submitted will be demanded by AO considering the requirement of Sec. 44AD.
plz let me know what kind of record is necessary for turnover?
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