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Sec 44ad:presumptive tax

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Querist : Anonymous

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25 September 2014 The assesse doesn't maintain any books of accounts and opts for PTS.Can his actual N.P.be more than 8%?

25 September 2014 Presumptive income can be 8% or more but not less.

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Querist : Anonymous

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25 September 2014 if income is 12%,tax should be paid at 8% or on 12%?




25 September 2014 If income is 12% then tax will be paid on 12% only.

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Querist : Anonymous

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25 September 2014 The assessee does not maintain any books of accounts.Shold he maintain in future.Kindly name.

25 September 2014 If turnover is good and business is growing rapidly, it will be better to maintain the books.

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Querist : Anonymous

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25 September 2014 last year no books has been maintained.what books should be maintained?

25 September 2014 As long as the income declared is not less than 8% of turnover no maintenance of books of account necessary but if turnover is expected to go beyond 1 crore or income is less than 8% of turnover maintenance of books would be necessary.




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Querist : Anonymous

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25 September 2014 No books means no Balance sheet,no P&L,no Capital A/c

25 September 2014 No books means cash book, ledger etc. But balance sheet and P&L a/c should be prepared nevertheless so as to keep up to date record of your sales on the basis of which you will be filing your return and also balance sheet since you will require to enter sundry debtors, cash balance etc in income tax return.



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