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

Is it necessary to claim 44AD if turn over is less than 1 crore or an asseessee can claim profit as computed on the basis of books of accounts maintained by him even if profit is less than 8% of turn over as shown by books of accounts
Eg-turn over 50 lakh
profit 3 lakh
and accounts has been maintained by assessee so can he claim profit to be 3 lakh and not use 44AD and as he is not using 44AD conditions of 44AD of audit of a/cs if profit declared is less than 8% then accounts to be audited shall not be voilated too. So can he show profit of 3 lakh with out audit being done

I have a rental business of 50 trucks.i get income by giving sales invoice to parties.but there is no purchase invoice in my tally. so nothing is in my purchase side. i am entering fuel and maintenance cost under direct expenses.so how i calculate profit of my business.please help.

sir , we are registered vat dealer , our business is used car puchases and sales. we puchases used cars from un-registered vat dealers , can we take input credit on that without purcahse invoices . our business is located in andhra pradesh.

Insurance premium paid on insurance of fixed asset is capital expenditure OR revenue expenditure.????

Sir,

I request a formula for propotionate calculation of expense to sale achieved , where the details is as follows;

Month = June -14

Expense = 15 K for the month

Budget = 63.75 lkhs (Till 20/06/14)

Actual = 43.41 Lkhs (till 20/06/14)

Please consider this as very imp:

Thanks

What is fictitious assets? what is the treatment of such assets?

Dear sir,
While studying ICWA inter i could see the loan amount is not taken in to partners capital account.
Why don't we take loan amount which is provided by one partner in to partners capital account.

regards
Shyamlal

Actually One of our vendor submitted the lower TDS certificate with effect from 06-Jun-2014, my question is for May 2014 services Vendor raised the Invoice on 2nd June 2014 in this case whether lower TDS will attract or as actual.

A manufacturing unit used Furnace oil for the purpose of heat treatment of the material manufactured (Explosive item. It is a mandatory process under Explosive Rule, without which onward process should not be supposed). Here, Furnace oil burnt in a Furnace machine covered (inside) with Fire bricks and material get heat treatment in the machine. I think in this case, Furnace oil should come under consumable item and not under Power & fuel. Where, we should claim CENVAT and VAT credit on the Furnace oil.
Please help.