Requirement of account books
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 August 2018
If my business income is more than Rs.2,50,000/- during AY 2018-19 and I have to declare my income U/S.44AD. Am I liable to maintain books of accounts and fill ITR 3 ?
Am I also required to fill Balance Sheet and Profit and Loss a/c in ITR 3 ?
Am I also required to fill Balance Sheet and Profit and Loss a/c in ITR 3 ?
13 August 2018
If income is declared under section 44AD, maintenance of books is not mandatory. Gross receipts should be less than Rs.2 crores. If income is to be recognised less than the specified rate of 6% or 8% of Gross Receipts, then books of accounts and tax audit report are mandatory.
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
- Tax on Deemed Capital Gain
- Exiting partner in partnership firm in gst portal
- Type of Capital Gain
- Regarding ITR filing with more value than showing in AIS/TIS
- F & O PROFIT REPORTING FOR AY 2026-27
- Banking Related Issue
- Taxability of credit in canara bank ET & T section (NRO)
- ITR-Capital Gain
- TAX AUDIT QUESTION
- Reporting in TDS return
- Gst on travel by air for business purposes
- Loss of interest in PF transfer from EPFO to Trust
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- TDS offline utility
- TDS on rent received on hardship compensation being rent on redevelopment of building
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
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
