Ravinder (Learning CA) (23 Points)
28 January 2021If anyone is aware please do answer.
(a) If the business turnover is less than 01 crore and income is more than 6% (Digital Transactions), then can the assessee file ITR-3 form? Or is it mandatory to opt Section 44AD (Presumptive Scheme) and file ITR 4S?
(b) If the assessee doesnt opt Section 44AD and willing to show income less than 6%, then maintenance of Books and Tax Audit mandatory irrespective of Turnover (even for 15-20 Lakhs turnover)?
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 28 January 2021
SOHAN LAL
(Manger Accounts & Finance)
(363 Points)
Replied 28 January 2021
Ravinder
(Learning CA)
(23 Points)
Replied 29 January 2021
@ Sourav
Rule is:
If the sale/turnover/gross receipts from the business or profession is more than Rs. 25,00,000 or the income from business or profession is more than Rs. 2,50,000 in any of the 3 preceding years, then books of accounts will be compulsorily maintained.
What if the business is a new one. Should they maintain books even for the first Financial Year?
What books should one maintain if the business is stock market trading? Just a report from the stock broker would suffice?
CAclubindia
