Sec 44ad- no a/cs only vat returns. % on what

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Querist : Anonymous

Querist : Anonymous (Querist)

03 March 2012 i am doing kirana business and not maitaining any accounts and ofcourse i have filed VAT returns regularly.My Turnover asper VAT reurns including output tax Rs.14,15,924/- and excluding output tax is RS.13,84,621/-.

KINDLY advise me.

WHETHER to declare 8% or more on 14,15,924/- or on 13,84,621/-? (note i did not maitain any accounts.)

CA. Hari Kishan

CA. Hari Kishan (Expert)
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03 March 2012 You can offer income > 8% and mention that no books of accounts maintained in the ITR filing..

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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03 March 2012 You have to offer your income for income tax purpose under section 44AD i.e 8% or more profit on gross sales of Rs.14,15,924/- i.e. Minimum profit is Rs.1,13,274/-.
OM SAI SRI SAI JAI JAI SAI

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