Compulsory maintenance of books of accounts
This query is : Resolved
sidambaraselvan
(Querist)
11 March 2014
If an assessee is doing intraday share trading as business, then whether he should maintain books of accounts if his income from intraday share trading is less than Rs.1,20,000/= to show his intra day share trading income as business income.
His Turnover (Profit + Loss) is Rs.80,000/=
8% of the Turnover is Rs.6,400/=
In my context, an assessee's income is Rs.6,400/= Is it correct?
kindly assist me
His Turnover (Profit + Loss) is Rs.80,000/=
8% of the Turnover is Rs.6,400/=
In my context, an assessee's income is Rs.6,400/= Is it correct?
kindly assist me
19 March 2014
The assessee can avail benefit u/s 44AD and show profit @ 8% of the turnover.
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