Filing itr -4

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Nikhil Goyal (Querist)
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27 November 2012 Dear All,

Let me know if an individual businessman has a turnover around 15 lacs & profit is Rs. 1.7 lacs, then is he liable to maintain books of accounts u/s 44AA? & if he wants to file return as a no books aacounts is maintained then how it will be possible?

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CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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27 November 2012 Since his turnover exceeds Rs. 10 lakhs he is required to maintain books of accounts. Also his income exceeds Rs. 1,20,000.

He CANNOT file return under no account case. If he does penalty of Rs. 25,000 shall be levied u/s 271B.

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