Query relating to sec 44aa & 44ad
This query is : Resolved
HARISH BANSAL
(Querist)
31 August 2012
Dear,
I want to ask that whether Sec 44AD overruled the Sec 44AA ?
I want to ask that whether Sec 44AD overruled the Sec 44AA ?
CA Ayush Agarwal
(Expert)
31 August 2012
No, These Both Section are Different, You Should Read Both Separately.
As Per Sec 44AA, U Need to Maintain Books of Accounts if Crossed the Limit as Specified.
& in 44AD Its Talking Only For Audit Books of Accounts.
So Conclusion is in UR Language 44AA Overruled 44AD.
As Per Sec 44AA, U Need to Maintain Books of Accounts if Crossed the Limit as Specified.
& in 44AD Its Talking Only For Audit Books of Accounts.
So Conclusion is in UR Language 44AA Overruled 44AD.
HARISH BANSAL
(Querist)
31 August 2012
I m not saying 44AA over ruled 44AD.
I m saying the opposite of the above line that Sec 44AD overruled the Sec 44AA.Because
let Say in Financial Year 2011-12 my Gross Sales is Rs.5000000/-. And According to Sec.44AA i have to maintain the books of Account. But If i apply Sec44AD and declare my profit at 8% of Sales, then i think there is no need to maintain books. So i think Sec44AD overruled the Sec44AA.
I m saying the opposite of the above line that Sec 44AD overruled the Sec 44AA.Because
let Say in Financial Year 2011-12 my Gross Sales is Rs.5000000/-. And According to Sec.44AA i have to maintain the books of Account. But If i apply Sec44AD and declare my profit at 8% of Sales, then i think there is no need to maintain books. So i think Sec44AD overruled the Sec44AA.
CA Ayush Agarwal
(Expert)
31 August 2012
Yes, Thats Only I am Saying Na Harish...
That 44AA Overruled 44Ad, Not As Said By U.
That 44AA Overruled 44Ad, Not As Said By U.
HARISH BANSAL
(Querist)
31 August 2012
44AD is overruling 44AA , Isnt it ?
CA Ayush Agarwal
(Expert)
31 August 2012
Though U need not to Maintain BoA as Per 44AD if U Pay 8% Profit, But U are Overwhelming 44AA, So in That Case U need to Maintain BoA.
Generally Those Person Who Take 8% Benefit as per 44AD, Also Keep BoA, Though They are Showing 8 % Profit.
BoA - Boooks of Accounts
Generally Those Person Who Take 8% Benefit as per 44AD, Also Keep BoA, Though They are Showing 8 % Profit.
BoA - Boooks of Accounts
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