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
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
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.
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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