income tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 July 2011
one of my client retail business of cement sheet, turnover in f.y. 2010-11 is 42 lacs.
No accounts maintained by him.
Can i file his return with presumptive basis.
sir, to whom is it compulsory to maintain accounts.?
No accounts maintained by him.
Can i file his return with presumptive basis.
sir, to whom is it compulsory to maintain accounts.?
13 July 2011
Who does not want to show profit @ 8% Turnover, has to get his accounts audited or whose turnover exceeds Rs. 60.00 lacs , has to get his accounts audited.
Those who are required to get accounts audited are required to maintain books of account.
Those who are not maintaining accounts , what can they get audited ?
Your client can file his return Under ITR 4S by showing 8% profit U/s 44AD.
Those who are required to get accounts audited are required to maintain books of account.
Those who are not maintaining accounts , what can they get audited ?
Your client can file his return Under ITR 4S by showing 8% profit U/s 44AD.
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14 July 2011
The turnover should be less then 60 lacs and profit should not be less then 8%.
In case the profit is 120000 by applying 8% then compulsory accounts are to be maintained
as per provisos of Section 44AA
In case the profit is 120000 by applying 8% then compulsory accounts are to be maintained
as per provisos of Section 44AA
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