Related to sec 44ad
suchinder (student) (103 Points)
31 March 2014
As per sec 44AD assesse is not required to maintain the books of accounts then how to calculate gross receipt or turnover?
1 Replies
Nirukt Sharma
(Student)
(133 Points)
Replied 01 April 2014
The assessee can calculate the turnover by aggregating the amounts stated in sales invoices and other documents issued for the purpose of collecting indirect taxes.
However he must provide the following documents to the AO to prove that his calculation is correct:
- copies of invoices issued during the PY
- copies of cash memo
- copies of Purchase bill
- Bank statement
- Inventory details, if any maintained
- Average G.P rate applicable to Particular business
- Returns filed under sales tax/vat/excise/service Tax laws.
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