business 116304 & interest income 72000 can maintain books

This query is : Resolved

KUMAR trp707@gmail.com (Querist)
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11 December 2010 sir
our client krina shop (pachari or angadi) is having tot (tax on turnover) is 7 75 360/-
he is savings 2 00 000/- this amount is given to others inters rate @36%
interest income is 72 000/-
business inocme is 1 16 304/-
(u/s 44Af higher income declared 15% on turnover )
net income is 1 88 304
he can maintain the books of accounts.

CA Shailesh Kumar Bhagat

CA Shailesh Kumar Bhagat (Expert)
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11 December 2010 Yes he should maintain books of accounts to show lower profit.

KUMAR trp707@gmail.com

KUMAR trp707@gmail.com (Querist)
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11 December 2010 sir
we are higher profit of 15% and interest rate also 36% so business income less than 1 20 000 because no book of account.
other income of interest income can treated. so we can filed the above type our AO accepted or give 271 notice and collect 5000/- fine.
the above type we are filing any problem in e filing time, the coloum of books of account maintained under U/s44 a applicable we are un tick mark and filed. any feature problem.
thanks sir immediately reply.

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