Section 44aa

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

01 November 2015 Dear experts,
A prorietary concern turnover was less then 10 lacs, and the net profit was also below 120000, for AY 2015-16, plz clarify weather this proprietary firm need to maintain it's book of accounts or not for AY 2016-17,

Plz clarify.....

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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01 November 2015 sec 44AB applicable if your turnover Exceed 1 crore in a Financial Year , Than you Books to Be audited , If you turnover is less than 1 crore if you declare 8% or more than 8% of turnover as Income, It is optional to Maintain Books of Accounts. But it is advised to Maintain Books of Account. You can file Tax return ITR-4S.

Querist : Anonymous

Querist : Anonymous (Querist)

01 November 2015 Sir, my query is related to section 44AA, plz guide me as per my above stated query....

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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01 November 2015 No need to maintain books of accounts specified in rule 6F(2). But required to maintain such documents (not specified) as may enable the ITO to compute taxable income. Inference is from section 44AA(2).