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(Querist)
11 August 2013 what to do in case of non availability of invoice in both cases(purchase and sales)?

like in the business of fruit merchant, vegetable merchant.
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
11 August 2013 Enjoy the fruits of non availability of bills.
.
Record the transactions on daily basis if serious accounting is desired.
.
Otherwise, Section 44AD is always there.
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NITIN

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NITIN (Querist)
13 August 2013 when turnover of firm more than 1 crore , can it adopt section 44ad?
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
13 August 2013 Section 44AD can not be opted when the turnover is more than Rs 1.00 crore. Tax-audit is Compulsory.
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In case of Fruit Merchant and vegetable merchant we have to consider the bank transactions taken place.
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An assessee has to run on a double edged sword in such a situation. If he show the turnover without any basis it becomes risky affair to handle.
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