Sec 44ad and balance sheet

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

24 October 2016 respected sir,

i have filed my return of income for ay 2015-16 under sec 44ad and paid tax there on.now the ito sent me notice asking me to produce capital account for verification as a part of limited scrutiny. in my opinion as a have filed my return under sec 44ad , i need not to maitain profit and loss a/c and other financial statements which form part of books of accounts under sec 44aa.please discuss .

Amol S Joglekar

Amol S Joglekar (Expert)
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24 October 2016 your contention is correct.
Read the notice carefully. And if you are satisfied that it is concerned with the return you have filed, write back giving the reference of section 44AD

Querist : Anonymous

Querist : Anonymous (Querist)

28 October 2016 further discussion required

Amol S Joglekar

Amol S Joglekar (Expert)
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29 October 2016 No. Make it simple. The more you go on arguing, you will get trapped into your own argument.
Just one liner reply.....my return is filed u/s 44AD. Please confirm the next course of action from my end. Thanking you
That's all

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