12 December 2016
if i file return u/s 44AD turnover more then 1000000 then p&l and balace sheet maintain is required or not if total gross income (before deduction) more then exemption limit or net income (i.e. after deduction ) is less then 250000. but profit is more then 8%
Expert :
Anonymous
Expert :
Anonymous
(Expert)
12 December 2016
1. U/s 44AD, the books of accounts are not required to maintain for eligible assessees.
2. The turnover limit is 1 Crore for FY 2015-16 & 2 crore for FY 2016 -17.
3. U can file return only by giving turnover details and profit % being 8 or more.
4. Consider compliances of other applicable tax laws like vat or service tax etc.
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