Sec 44aa & 44ad
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 August 2013
A Person Has Gross Receipts of Rs.40 Lacs from proprietorship business and
showing profits of Rs.3,26,000 and other(Personal) receipts of Rs.1 Lac (Interest).And having Saving (PPF) Of Rs.1 Lac.
Whether this person has to maintain books u/s 44AA and also need to get his accounts audited under any section or not ?
showing profits of Rs.3,26,000 and other(Personal) receipts of Rs.1 Lac (Interest).And having Saving (PPF) Of Rs.1 Lac.
Whether this person has to maintain books u/s 44AA and also need to get his accounts audited under any section or not ?
10 August 2013
YES he needs to maintain books of a/c but sec 44AB Tax audit is not applicable.
Ganeshbabu K
(Expert)
10 August 2013
He can disclose his income as per 44AD and return can be filed with ITR-4S
no books of accounts required if he opts for 44AD
no books of accounts required if he opts for 44AD
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