44 ad releated
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 July 2016
Dear Expert..
one Question in my mind :
Mr.A total business income 10,00,000/= he file itr 4s minimum 8%( no maint. Accounts book) but he declare 40% profit and paid income tax .
so my question is in future income tax send any notice regarding for document checking / or expense voucher / income details....
reply urgent if possible.
one Question in my mind :
Mr.A total business income 10,00,000/= he file itr 4s minimum 8%( no maint. Accounts book) but he declare 40% profit and paid income tax .
so my question is in future income tax send any notice regarding for document checking / or expense voucher / income details....
reply urgent if possible.
Amol S Joglekar
(Expert)
27 July 2016
44AD says...if assessee carrying sligible business, declares 8% or more as the profit, then books of accounts will not be required to be maintained. So Income Tax dept will NOT send any notice etc. No issues at all
Message likes :
1 times
27 July 2016
Income tax officer will not ask for further information unless he has got additional information available with him other than the income disclosed in ITR
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Clarification on GST, TDS, and Accounting Provisions for Import/Export
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- Ito add credit side of bank
- GSTR9 Annual Return
- Employee secondment
- Accounting Treatment of Civil work to install PORTA Cabin for office use
- Reward for festival
- Capital gain on commercial property and investment in residential property
- Form 144 TDS Return Validation error
- Import of Capital Machine
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
