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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CG Tax On residential property
- Applicable TDS for Purchase of Flat from NRI
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- Under construction property in ITR
- Gift of mutual fund units to daughter
- PPF interest-As Exempt Income disclosure
- Not able to file ITR
- Upload Level ValidationITR3Category of Defect B/D
- NRI ITR2 account in 2025-26 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,.
- Building tax payment deduction in rental Income
- Pass word to open justification report for Q1 for FY 2026-27
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
