Income from retail business(urgent)
This query is : Resolved
12 February 2013
One of my client friend has annual income of around 2 to 2.5 lacs per annum from his shop(business of grocery items),plz tell me if there is any requirement of books of accounts.Can i show it u/s 44AD for filing his return for A.Y.2011-12.plz explain me what should i do? If i show his gross receipts more than 25 lakhs u/s 44AD then is he liable for vat registration or anything like that under any other law.
13 February 2013
You did not mention the turnover of your client.
If income from business exceeds 1.2 lacs or Gross receipts exceeds Rs. 10 lacs, assessee has to maintain such books of account and other documents as may enable the Assessing Officer to compute his total income.
If income from business exceeds 1.2 lacs or Gross receipts exceeds Rs. 10 lacs, assessee has to maintain such books of account and other documents as may enable the Assessing Officer to compute his total income.
13 February 2013
Section 44AD can be applied and you can declare income on presumptive basis without having to maintian books of account.s
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