Cash fiow statement - sec44ad -sec 44aa-
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 January 2016
respected sir,
i have filed my return of income for ay 2014-15 under sec-44ad.and now , notice served upon me in respect of bank deposits made during ay 2014-15,.the AO asked me to produce cash-flow state ment for perticular year.
up to my knowldge ,as i have filed my return under sec-44ad ,i need not to maitain books of occounts under sec -44aa.please some one clarify that , whether cash flow statement forms part of books of occount or not.thanks in advance.
i have filed my return of income for ay 2014-15 under sec-44ad.and now , notice served upon me in respect of bank deposits made during ay 2014-15,.the AO asked me to produce cash-flow state ment for perticular year.
up to my knowldge ,as i have filed my return under sec-44ad ,i need not to maitain books of occounts under sec -44aa.please some one clarify that , whether cash flow statement forms part of books of occount or not.thanks in advance.
Nikhil Kaushik
(Expert)
20 January 2016
even if you have filed 44AD, you still need to substantiate your turnover. So cash flow can be asked for
KAVIRAJA ADDANGADI
(Expert)
20 January 2016
Definitely, in order to know your turnover they may ask your bank statement to know inflow, turnover declared u/s 44AD should be justify with your in flow.
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