Sec 44ad:presumptive tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 September 2014 The assesse doesn't maintain any books of accounts and opts for PTS.Can his actual N.P.be more than 8%?

CA Devanand Jethanandani

CA Devanand Jethanandani (Expert)
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25 September 2014 Presumptive income can be 8% or more but not less.

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Querist : Anonymous

Querist : Anonymous (Querist)

25 September 2014 if income is 12%,tax should be paid at 8% or on 12%?

CA Devanand Jethanandani

CA Devanand Jethanandani (Expert)
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25 September 2014 If income is 12% then tax will be paid on 12% only.

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Querist : Anonymous

Querist : Anonymous (Querist)

25 September 2014 The assessee does not maintain any books of accounts.Shold he maintain in future.Kindly name.

CA Devanand Jethanandani

CA Devanand Jethanandani (Expert)
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25 September 2014 If turnover is good and business is growing rapidly, it will be better to maintain the books.

Querist : Anonymous

Querist : Anonymous (Querist)

25 September 2014 last year no books has been maintained.what books should be maintained?

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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25 September 2014 As long as the income declared is not less than 8% of turnover no maintenance of books of account necessary but if turnover is expected to go beyond 1 crore or income is less than 8% of turnover maintenance of books would be necessary.

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Querist : Anonymous

Querist : Anonymous (Querist)

25 September 2014 No books means no Balance sheet,no P&L,no Capital A/c

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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25 September 2014 No books means cash book, ledger etc. But balance sheet and P&L a/c should be prepared nevertheless so as to keep up to date record of your sales on the basis of which you will be filing your return and also balance sheet since you will require to enter sundry debtors, cash balance etc in income tax return.

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