Income declaration u/s 44ad

This query is : Resolved

Guest

Guest (Querist)

04 May 2012 A Businessman is showing profit of more than 8%. But, he is filing the ITR U/s 44AD.

My Query is : Is it mandatory for him to get his financials audited, for the reason that he is declaring a Profit of more than 8%? And, What is the procedure of maintaining the Books of Accounts U/s 44AD?

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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04 May 2012 Those who are offering their income more than minimum prescribed by 44AD i.e more than 8% on gross turnover/receipts is no no need to do TAX AUDIT. However those who offering income as per section 44AD need not to maintain any books but however required the proof of evidence for gross turnover/receipts.

As per section 44AD required offer 8% of gross turnover/receipts as income and assessess can volentarly offer higher income.

OM SAI SRI SAI JAI JAI SAI

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