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.?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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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.

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C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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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

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