Sec 44ad and bank account
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 September 2013
respected sir ,
i have filed form 4s under sec 44ad for ay 2011-12 declaring gross receipts amounting to rs 53 laks and declared income at 8%.
now my return is picked up for scrutiny in respect of bank occount where there is 50lak credits and debits also .the AO asked me to produce books of occounts. what happens if i answer the department that i have not maitained books of occounts as i have fild return under sec 44ad.
please some one give me suggestion
i have filed form 4s under sec 44ad for ay 2011-12 declaring gross receipts amounting to rs 53 laks and declared income at 8%.
now my return is picked up for scrutiny in respect of bank occount where there is 50lak credits and debits also .the AO asked me to produce books of occounts. what happens if i answer the department that i have not maitained books of occounts as i have fild return under sec 44ad.
please some one give me suggestion
20 September 2013
You can submit a reply to the AO that the return has been filed in ITR4S declaring income u/s 44AD at presumptive rate of 8%. But you should be able to substantiate that the credits in your bank account are with respect to business receipts only.
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