Presumptive business income& books of accounts

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 November 2012 Dear All,

If an individual has a business having gross receipts of Rs. 20 lacs & declare profit of Rs. 175000 for FY 2011-12 which is more than 8% & no books are maintained. If he wish to file ITR-4S, is there is compulsory maintainance of accounts or not? also tell is it okay to file?

please reply
thanks

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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04 December 2012 Books of account are required to be maintained only if profit is shown LESS than 8%.

An assessee can show higher profits than 8% WITHOUT maintaining books of accounts.

Accordingly he can file ITR 4S. There will be no problem.

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