Books of occunts &sec 44ad
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 April 2014
respected sir,
i have started a new retail business on 01-04-2014.already my gross receipts have cross 10 laks .so as per sec 44aa of income tax act i have to maintain books of occunts for the purpose of determination of income.my gross receipts will not cross one crore and at the end of the year i want to declare my income under sec 44ad.now i want to know form experts that
point no.1.as my gross receipts crossed 10 laks i am liable for sec44aa
2.once i declare income under sec 44ad , sec44aa becomes inefective on me .
please discuss
i have started a new retail business on 01-04-2014.already my gross receipts have cross 10 laks .so as per sec 44aa of income tax act i have to maintain books of occunts for the purpose of determination of income.my gross receipts will not cross one crore and at the end of the year i want to declare my income under sec 44ad.now i want to know form experts that
point no.1.as my gross receipts crossed 10 laks i am liable for sec44aa
2.once i declare income under sec 44ad , sec44aa becomes inefective on me .
please discuss
Rupesh Jain
(Expert)
14 April 2014
u/s 44AA section tell some specified and other business
if you are trader than you under other business in which section tell that if you income will expected in year rs. 120000/- then you have to maintain book of accounts and other record .
if your income is less than 8% of gross receipt (if receipts will under or above or equal to Rs. one crore) then you have to audit the account u/s 44AB
if your income will 8% or above 8% then and gross receipt below or Rs. one crore then you can choose u/s 44AD.
if you are trader than you under other business in which section tell that if you income will expected in year rs. 120000/- then you have to maintain book of accounts and other record .
if your income is less than 8% of gross receipt (if receipts will under or above or equal to Rs. one crore) then you have to audit the account u/s 44AB
if your income will 8% or above 8% then and gross receipt below or Rs. one crore then you can choose u/s 44AD.
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