Maintance of books and records

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NITIN (Querist)
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11 August 2013 what to do in case of non availability of invoice in both cases(purchase and sales)?

like in the business of fruit merchant, vegetable merchant.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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11 August 2013 Enjoy the fruits of non availability of bills.
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Record the transactions on daily basis if serious accounting is desired.
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Otherwise, Section 44AD is always there.
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NITIN

NITIN (Querist)
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13 August 2013 when turnover of firm more than 1 crore , can it adopt section 44ad?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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13 August 2013 Section 44AD can not be opted when the turnover is more than Rs 1.00 crore. Tax-audit is Compulsory.
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In case of Fruit Merchant and vegetable merchant we have to consider the bank transactions taken place.
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An assessee has to run on a double edged sword in such a situation. If he show the turnover without any basis it becomes risky affair to handle.
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