Sec 44aa & sec 44ad
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
01 March 2014
Is this interpretation from IT Act correct ?
1) It is optonal to apply 44AD and if assesse does not opt for it, then he shall disclose income above 8% and can avoid liablity for Audit.
2) Further if T/O is below Rs10 lacs and income is less than 120000 in all the preceeding 3 years than he is even not required to maintain books of Accounts as per sec 44AA.
3) So in that case he is not required to disclose detailed B/S and P&L in ITR4 and can just fill the details in " NO ACCOUNT CASE SECTiON" in ITR 4.
1) It is optonal to apply 44AD and if assesse does not opt for it, then he shall disclose income above 8% and can avoid liablity for Audit.
2) Further if T/O is below Rs10 lacs and income is less than 120000 in all the preceeding 3 years than he is even not required to maintain books of Accounts as per sec 44AA.
3) So in that case he is not required to disclose detailed B/S and P&L in ITR4 and can just fill the details in " NO ACCOUNT CASE SECTiON" in ITR 4.
01 March 2014
well as long as you are disclosing more than 8%, it is ok if you take the above approach.
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