Sec 44AF
This query is : Resolved
02 April 2009
If a person has income u/s 44AF of Rs.78950 (ie.sale and purchase of gold ornaments)and also having income of repair and making of gold ornaments on job work in which he earned Rs.88960. The aggregate income is Rs.167910. Whether penalty can be levied for not maintaining books or not.
02 April 2009
The books of account has to be maintained if the turnover is 40 Lakhs or
If the trader is not agreeing for a profit of 5% on the turnover
otherwise books are not required and penalty cannot be levied.
If the trader is not agreeing for a profit of 5% on the turnover
otherwise books are not required and penalty cannot be levied.
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