Book of accounts maintain or not.

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Querist : Anonymous

Querist : Anonymous (Querist)

09 October 2012 If Gross Receipts(Turnover) Rs.3500000 and
Net Profit Rs.285250 [8.15% of Gross Receipts, sec 44AD] In this situation Books of Accounts maintain mandatory(sec 44AA) or not??

CA Rohin Arora

CA Rohin Arora (Expert)
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09 October 2012 If One goes into Presumptive Basis for Calculation of Income, No Books are required. If the person goes with normal provisions, Audit u/s 44 AB might not be there, but Assessee has to maintain books of accounts u/s 44AA.

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Querist : Anonymous

Querist : Anonymous (Querist)

10 October 2012 So Sirji in this case if he goes for sec 44AD he needs not to maintain books of accounts,is not it?

CA. Jatin Gupta

CA. Jatin Gupta (Expert)
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10 October 2012 Sec 44 AD presumptive taxation does not require maintaining books of account, therefore if he goes for the same, no books of accounts is required.

deepali agarwal

deepali agarwal (Expert)
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10 October 2012 Maintenance of books not required

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