Under 44AD, what are the requirements to be uploaded like P&L acct, B/Sheet,
Also PLEASE LET ME KNOW IF THE ACTUAL PROFIT IS COMING HIGHER THAN 8% AS PER BOOKS, LETS SAY EXAMPLE 20% , THEN CAN ONE FILE IT RETURN UNDER 44AD ?
Himanshu Lakhani (35 Points)
08 March 2018Under 44AD, what are the requirements to be uploaded like P&L acct, B/Sheet,
Also PLEASE LET ME KNOW IF THE ACTUAL PROFIT IS COMING HIGHER THAN 8% AS PER BOOKS, LETS SAY EXAMPLE 20% , THEN CAN ONE FILE IT RETURN UNDER 44AD ?
Miss Mansi Bhojani
(Practicing Chartered Accountant)
(1736 Points)
Replied 09 March 2018
Himanshu Lakhani
(35 Points)
Replied 09 March 2018
Thanks Mansi but how IT officer will judge my income if I pay on 8% of my turnover ?
Since No Books of a/c to be maintained, I only have to show my turnover in sales book and bank statement , Ho can he judge whether I have 8% as declared or 10% actually, 12% actually or 20% actually ? Can I deny him if he demands my balance sheets or profit and loss account ?
In form ITR 4 SUGAM, they are asking Sundry creditors, sundry debtors and cash at bank. From these figures , how can he verify the actual profit ? There are so may other expenses which cant be produced since i am not liable to maintain books.
Miss Mansi Bhojani
(Practicing Chartered Accountant)
(1736 Points)
Replied 10 March 2018
Himanshu Lakhani
(35 Points)
Replied 19 July 2018
Hi Mansi,
My CA had filed my return ITR 3 for fy 16-17 , under 44AD and had some capital gain as well.
I keep getting error 310 from Bangalore asking for P.N.L and B/SH, which obviously are not
required under 44AD, no accounts maintained. Kindly advise asap, as they give only 15 days but letter only comes after 12 days.
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India