Section 44 ad - deemed income without mainting books

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 February 2014 SIR,

I AM WORKING AS ACCOUNTANT IN FIRM WHERE I GET SALARY IN CASH WHICH THE FIRM DOES NOT SHOW IN ITS BOOKS OF ACCOUNTS AS EXPENSE.

SHALL I SHOW THE SAME AS ACCOUNTING BUSINESS INCOME U/S 44 AD WHERE I CAN PAY TAX ON 8 % OF THE RECEIPTS OF SALARY ?

PLEASE ADVISE

Nikhil Kaushik

Nikhil Kaushik (Expert)
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18 February 2014 well kinky it is. though you are required to maintain the accounts, you can still be asked to show the source of income.

if you are getting in cash, then anyways dont show it. ( i dont like to give this advice but it is still better than claiming 44AD.

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