44ad & 44aa
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 June 2014
Turn Over 20 lakh
Profit declared 1.5 lakh
Is he liable to maintain the books or not ?
even if he opt for 44AD he is not required to maintain the books, as profit is not more than basic exemption slab
but as profit is less than 8% so would it be said that he is now not using 44AD ans if he is not using 44AD mean he is required to maintain books as per 44AA
Profit declared 1.5 lakh
Is he liable to maintain the books or not ?
even if he opt for 44AD he is not required to maintain the books, as profit is not more than basic exemption slab
but as profit is less than 8% so would it be said that he is now not using 44AD ans if he is not using 44AD mean he is required to maintain books as per 44AA
Nikhil Kaushik
(Expert)
23 June 2014
1. even if you use 44AD, the income would be less than exempted limit
2. so anyways, you would be able to survive without maintaining books of accounts for this year.
2. so anyways, you would be able to survive without maintaining books of accounts for this year.
Rupesh Jain
(Expert)
23 June 2014
if your profit below the exemption limit and profit more than 8% then you opt. 44AD
24 June 2014
no need to maintain books of accounts.
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