Sec 44ad & maintenance of books

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

14 November 2017 Now the deptt.is considering return of income as defective u/s 139(9) if we have not given gross turnover / receipts ,net profit
and also cash , closing stock, sundry debtors /sundry creditors .My question is:
1.Is it necessary to maintain books of account to know about the above items and mention them in return of income ?

and
2.Can we just make / take figures about cash,closing stock,sundry debtors/ creditors as on the 31st march and mention the same in return of income when the return is filed ?

what precautions we have to take when books of account are not maintained on regular basis ?

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

14 November 2017 since your query is related to 139(9).......recently many cases are reported that the CPC issued notices to assesse and subsequently withdrew these notices by saying that the same were sent inadvertently.
For 44AD, books of accounts are not required to be kept.

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

17 November 2017 thank you
but even today i got 2 notices considering returns filed u/s 44AD EVENTHOUGH we have given 4 figures ie cash,sundry debtors,sundry creditors,cl stock and in case of P/L a/c gross receipts expenses and net profit ,estimated at 12%.what we have to do now ? is it necessary to respond to notice ?

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

17 November 2017 wait for a while. You will receive the letter from CPC stating that the notice was sent inadvertently.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Avisha Sinha

Tanishka Khandelwal

venkatesh c

K.Govindarajan

Rasheed Mohd Abdul

Subscribe Now

Sec 44ad & maintenance of books

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

CA Final

Article Assistant

GST CONSULTANT

Accountant

GST CONSULTANCY