Book of accounts for sole proprietor and sec 44ad
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 July 2012
I found that from the year 2010-’11, if a person has a turnover up to Rs.60 lakh and declares minimum 8 percent of the turnover as income, then there is no need to maintain any books of accounts for the purpose of income tax. Further, such an assessee is not liable to get his accounts audited.
1. Is it true that the sole proprietor does not have to keep books of accounts if he declares 8 % or more of turnover as income?
2. When is the due date for filing presumptive tax under Section 44AD and what is the form to be used.
1. Is it true that the sole proprietor does not have to keep books of accounts if he declares 8 % or more of turnover as income?
2. When is the due date for filing presumptive tax under Section 44AD and what is the form to be used.
06 July 2012
It has been prescribed that where you claim profits lesser than 8%, books of account is required U/s 44AA(2)(iv).
.
It can be inferred from the above that BOA are not required where profit is declared @ 8%.
.
In spite of above, it is always advisable to keep and maintain the BOA, as these will help in deducing the figures of Sundry Debtors, Sundry Creditors, Stock, Cash in Hand etc. and even turnover also.
.
Applicable Form ITR 4S, Due Date 31.07.2012
for the AY 2012-13.
.
.
It can be inferred from the above that BOA are not required where profit is declared @ 8%.
.
In spite of above, it is always advisable to keep and maintain the BOA, as these will help in deducing the figures of Sundry Debtors, Sundry Creditors, Stock, Cash in Hand etc. and even turnover also.
.
Applicable Form ITR 4S, Due Date 31.07.2012
for the AY 2012-13.
.
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
- Refund Annexure-B
- Liable to deduct tds and 44ADA
- Sale of Equity shares for Purchase of Residential Property
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- ECO SUPPLY REPORTIONG IN GSTR-1
- Is Interest applicable for payment made through credit ledger vide DRC03 for FY 2020-21 & 2021-22
- CCFS 2026 Schemed
- Subscription paid to foreign customer
- Two seprate Invoice needed
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
