Jigar Shethiya (Manager in Audit & Taxation) (77 Points)
27 January 2015My Friend's Father has A Shop(Sole Proprietor) of Utensils & Steel Product.Their Business is daily on cash Basis of Purchace & Sell of Utensils.
For Their Small Proprietorship which ITR utility is to be filled In Income Tax Return wheather Balance Sheet is Needed for the same.
Please help me the for the same.
satyashi
(Student C.A. final)
(212 Points)
Replied 27 January 2015
DEAR JIGAR
IF IT IS DIFICULT TO MAINTAIN THE BOOKS OF ACCOUNTS,THEN YOU CAN GO FOR 44AD WHERE THE ASSESSEE CAN SHOW THE INCOME ON THE PRESUMPTIVE BASIS I.e.INCOME SHOULD BE ATLEAST EQUAL TO OR GREATER THAN 8%.THEN YOU NEED NOT FURNISH THE BALANCE SHEET.
THANK YOU
CAclubindia
