Plz help. Section 44AA of Income Tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 July 2011
Hallo sir, My name is Alok Mishra.
I have a client whose gross receipts from sale of garments and tailoring of clothes is around Rs.7.5 lakhs and net profit is Rs. 1.90 lakhs. He has deposited the tax amount on Rs. 1.90 lakhs.. Now problem is that the client does not maintain any type of books of accounts.
I want to know whether he needs to maintain books of accounts. If yes, then what is the remedy for earlier years if ITO catches him u/s 143(3).
Plz reply. I will be highly obliged.
I have a client whose gross receipts from sale of garments and tailoring of clothes is around Rs.7.5 lakhs and net profit is Rs. 1.90 lakhs. He has deposited the tax amount on Rs. 1.90 lakhs.. Now problem is that the client does not maintain any type of books of accounts.
I want to know whether he needs to maintain books of accounts. If yes, then what is the remedy for earlier years if ITO catches him u/s 143(3).
Plz reply. I will be highly obliged.
22 July 2011
You can opt for Section 44AD, where you need not maintain books of accounts.
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