Doubt on sec 44 ad
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 April 2016
Friend plz clarify me this,
As per 44AD one can opt for presumptive basis and need not maintain books of accounts (if less than 1cr of turnover and disclose income for more than 8% of gross receipts)
My doubt is when I need not maintain books of accounts for my business, why will I show my turnover more than or equal to 1cr.?
I feel, in general every one prefer only this as it is more beneficial to anyone.
How can the IT department find such people who are concealing such income?
am I wrong in my notion?
As per 44AD one can opt for presumptive basis and need not maintain books of accounts (if less than 1cr of turnover and disclose income for more than 8% of gross receipts)
My doubt is when I need not maintain books of accounts for my business, why will I show my turnover more than or equal to 1cr.?
I feel, in general every one prefer only this as it is more beneficial to anyone.
How can the IT department find such people who are concealing such income?
am I wrong in my notion?
CA R SEETHARAMAN
(Expert)
05 April 2016
IT department can find such people through VAT return, bank accounts, sales and purchase invoices.
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Amol S Joglekar
(Expert)
05 April 2016
01. IT department is in a position to CAPTURE the data based on PAN, Aadhar, VAT, Revenue department and so on so forth.
02. The penalty for WRONG verification is punishable under Indian Penal Code (IPC)
02. The penalty for WRONG verification is punishable under Indian Penal Code (IPC)
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