Books of account
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 October 2016
In A.Y. 2009-10 i am running business of PAN (pan house : cold drink and all)
I have deposited cash of rupees 12 lakh during that year and have not filed income tax return.
I received notice to file return for that year and i have filed return u/s 44AD declaring turnover of rs.16 lakh.
Today I received another notice for production of cash book , bank books
And balance sheet and p&l
So my question is that inspite of i have filed return under section 44AD, I required to maintain that books?
I have deposited cash of rupees 12 lakh during that year and have not filed income tax return.
I received notice to file return for that year and i have filed return u/s 44AD declaring turnover of rs.16 lakh.
Today I received another notice for production of cash book , bank books
And balance sheet and p&l
So my question is that inspite of i have filed return under section 44AD, I required to maintain that books?
25 October 2016
Of course, u must have to maintain books of accounts, without that on what basis u are filing ur return?? As u r earning in cash so there is much possibilities of assessment of ur books of accounts, and the IT Dept. will demand all the proofs of income and expenditure along with financial statements. So better to appoint an accountant(or professional firm) for that.
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