Go Ad-Free on CAclubindia with Daily Mobile Updates. Subscribe Now!

Income Tax sec 44ada

Raph Ael (57 Points)

23 November 2018

For which year are we required to maintain books of account

Reply
Follow
Share

7 Replies

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 24 November 2018

If Assessee will be file u/s 44ADA then no need regular books of accounts...

Upgrade to CAclubindia Pro. Subscribe Now!

Raph Ael (57 Points)
Replied 24 November 2018

I mean when he claims lower income

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 24 November 2018

Assessee will show less than the limit as per sec 44ADA then he will file normal provisions u/s 44AA.. It's better to future compliance...

1 Like

Raph Ael (57 Points)
Replied 24 November 2018

Suppose he claims lower income in P.Y.2017-18 then for which P.Y. would he need to maintain books?
Does he need to maintain books forever from the year in which he claims lower income?

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 24 November 2018

If the Assessee claim lower income in PY then he must maintain books of accounts from PY...

Dear.,
Ask with details athen you can get exact solution from our CCI experts.

3 Like

Upgrade to CAclubindia Pro. Subscribe Now!

Raph Ael (57 Points)
Replied 24 November 2018

thanks for clarifying just one more query, assessee comes to know his income is less than 6% at the end of the year now how would he maintain books for that p.y. year as year had already passed

Nikhil Kaushik (Fellow CA) (85761 Points)
Replied 24 November 2018

Originally posted by : Raph Ael
	thanks for clarifying just one more query, assessee comes to know his income is less than 6% at the end of the year now how would he maintain books for that p.y. year as year had already passed

tell me one thing. How did he come to know that income is below 6%? if he knows that the profit is below 6%, then he already knows the incomes and expenses. Just need to account for both!

3 Like