Sec 44ad & 44aa
This query is : Resolved
03 July 2012
An Assessee who file his return u/s 44AD and show his profit more than 8% of turnover. Is there any mandatory to file B/s & P/L alongwith his return and sec44AA is being applicable for him.
03 July 2012
Once an assessee is covered u/s 44AD, he is NOT required to maintain books of accounts and is also not required to get his accounts audited.
Sicne Section 44AD taxes income on presumptive basis, an assessee covered u/s 44AD is NOT required to submit P&L and Balance Sheet with the return.
Sicne Section 44AD taxes income on presumptive basis, an assessee covered u/s 44AD is NOT required to submit P&L and Balance Sheet with the return.
03 July 2012
Does 44AA have overiding effect on 44AD?
03 July 2012
Please read sub-section 2 of Section 44AA which provides that an assessee who is covered u/s 44AD is required to maintain books of accounts only if he claims profit less than 8% AND his income exceeds the exemption limit.
Section 44AA DOES NOT have over ridng effect over ANY section, including Section 44AD.
Section 44AA DOES NOT have over ridng effect over ANY section, including Section 44AD.
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