Return filing
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 November 2011
I want to file a return of a person who is carrying on business of running a very small shop with the monthly turnover of Rs.20,000. He is not having any records of purchase & sale as all transaction are in cash.
Can I file his return without any supporting?
Or I have to prepare the Cash Statement or the proprietors Account?
Can I file his return without any supporting?
Or I have to prepare the Cash Statement or the proprietors Account?
15 November 2011
Dear Author,
pls refer sec 44AD of the Income Tax Act,1961. If the assessee shows 8% or more of the total turnover as his profits or gains then there is no requirement for maintaing the books.
pls refer sec 44AD of the Income Tax Act,1961. If the assessee shows 8% or more of the total turnover as his profits or gains then there is no requirement for maintaing the books.
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