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 ?
CA Visswanath Vadde
(Expert)
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.
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