whether , cash flow statement forms part of books of accounts (as per sec 44aa ) or not .please discuss. the AO s are aking to produce cash flow statement at time of scrutiny in respect of cash deposits made in bank account.. in my opinion if once get immunity from sec 44aa (if we declared income under sec 44ad ), we need not to maitain cash flow statement also. please discuss giri advocte &tax consultant
28 October 2016
In my opinion, the AO can definitely ask you complete details regarding each and every deposit or withdrawal from your Bank statement even if the return is filed u/s 44ad, though a proper Cash Flow Statement need not be produced.
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