Scrutiny in case 8% profit
This query is : Resolved
Kishan L. Agarwal
(Querist)
16 December 2008
A prop. is dyeing sarees on contract basis and gets payment after deduction of TDS. While filing return he has shown 8% of receivables as net profit. Whether his case can fall in scrutiny and whether he is liable to maintain/produce books?
Ravikumar.G
(Expert)
16 December 2008
He is not supposed to show his profit on presumptive basis. He has to maintain books of accounts.
16 December 2008
The method adopted is wrong. If case is called for books of accounts need to be produced. However,maintenance of books of accounts is compulsory if the conditions prescribed in section 44 AA(2) applies in your case.
CA Tilak Raj Sharma
(Expert)
16 December 2008
The method applied in the above case is absolutely wrong. You need to maintain books of accounts.
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