Provision of sec. 44ad
This query is : Resolved
03 August 2011
Hi Experts,,,
If we have maintained books of accounts u/s 44AA of the F.Y. 2009-10 and file the income tax return accordingly.
Now, we are willing to file the return u/s 44AD for the F.Y. 2010-11 and showing the profit @20%, then are we lible to maintain the books of accounts.
Further, in both the years our turnover is same.
your expertisation is needed plz. solve my querry.
Thanxx..
Raj
If we have maintained books of accounts u/s 44AA of the F.Y. 2009-10 and file the income tax return accordingly.
Now, we are willing to file the return u/s 44AD for the F.Y. 2010-11 and showing the profit @20%, then are we lible to maintain the books of accounts.
Further, in both the years our turnover is same.
your expertisation is needed plz. solve my querry.
Thanxx..
Raj
04 August 2011
Eligible business:
Any business other than the business of plying, hiring or leasing of goods carriages that is covered by section 44AE;
The business whose turnover or gross receipts do not exceed ` 60 lakhs.
Books of a/c:
The eligible assessee opting for this section need not maintain the books of accounts related to the eligible business.
Check before opting under this section that is there any major variations in profit% as shown in previous year.
Any business other than the business of plying, hiring or leasing of goods carriages that is covered by section 44AE;
The business whose turnover or gross receipts do not exceed ` 60 lakhs.
Books of a/c:
The eligible assessee opting for this section need not maintain the books of accounts related to the eligible business.
Check before opting under this section that is there any major variations in profit% as shown in previous year.
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