jhonny (NA) (156 Points)
08 March 2012hello friends,
An assessee is having dry cleaning business.his annual gross receipt is less than 20,00,000 for the prevous year 2010-11(AY 2011-12).for the PY 2008-09 and 2009-10 he has maintained books of accounts and computed tax on that.Can he opt for presumptive income for PY 2010-11?Is it necessary for him to maintain books of accounts for 2010-11?Will there be any problems for him in future years if he opt for Section 44AD?
CA SUMANTH
(LEARNER.....)
(294 Points)
Replied 08 March 2012
He can file his return u/s 44AD for 2010-11, as his TO less than audit limit. no books need to be maintained.
Riddhi Bhuva
(Article Student CA Final)
(93 Points)
Replied 08 March 2012
CA SOURAV KUMAR GANDHI
(B.com (H), CA )
(133 Points)
Replied 09 March 2012
as in your case the assessee has maintained BOA for last 2 years, he can do maintain this year also, and at the same time compute the presumptive income u/s 44AD, if profits as per books are lower than the presumed income he can declare such income to be the taxable income for the year, provided:
the income as per books exceeds maximum amount not chargeable to tax, AND
the books are audited by a CA and audit report is furnished by the specified date i.e. 30.09.2012.
** in case you are liable for audit under income tax law or any other law the due date for filing return u/s 139(1) will be 30 september of A.Y.
CAclubindia
