i mentioned of retailer and as u mentioned i'll have to consider 5% of the total turnover as income if turnover does not 40 lakhs. and also it is not necessary to operated through current a/c.
so finally to start with filling procedure 1. will i'll have to prepare final accounts showing around 5% as income of the total turnover.
and any other compulsory rule to comply with other then filling with the appropriate form u can suggest.
18 June 2007
As per Section 44 AA of the Income Tax Act, 1961, such an assessee is neither required to get his accounts audited u/s 44AB nor he is required to maintain books of accounts u/s 44AA, if he declares his income equal to 5% or more of the Gross Sales.
But, you should have the track of the following to fill up ITR 4 as required for no books of accounts case:-
1) Total Cash ii) Total Stock in Trade iii) Total Sundry Debtors iv) Gross Sales v) Gross Profit
Other than this there is no compulsory rule as such in the Income Tax Act, 1961.
CAclubindia
