01 August 2008
IN ITR4; there is a column as NO ACCOUNT CASE..!!
Who else can fill this column..!!
It ask for Debtor, Creditors, Cash balance also on Gross Receipt and Expenses..!! Without maintaining the books of accounts how this could be posible;..
The CBDT does not clear on it; who else can; does not require to maintain the books of accounts..
02 August 2008
No account case are in reference to income returned on the basis of deeming provision contained u/s 44AD, 44AE or 44AF.
Section 44AD or 44AF are based on the volumes as to turnover, gross receipts etc. which implies that one should know its turnover or gross receipts figure to calculate the deemed income. Such figure may be calculated from the bills raised and the parties billed and also the details of creditors and debtors are also available with the assessee which may be picked up from the copies of accounts of the parties also.
04 August 2008
Literally balance of cash in hand means cash physically available. Cash book suugests cash figure which should otherwise be available with the person maintaining the cash. In case of an individual not maintaining the cash book it is the cash actually available with him. Suppose the cash available with the cash is short by say, Rs 1000/- as compared to the balance as per cash book, in that case the cash available(physically) is the cash in hand which will be less by Rs. 1000/- as reflected by the cash book. As such cash in hand should not be construed as balance shown as per cash book. Cash book only maintains the cash transactions and it for the purpose of tally of cash balance that the figure of physical cash as available in the cash box is noted in the cash book and the total of both sides if tallied will suggest that cash is proper.
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