Section 44aa
This query is : Resolved
29 April 2019
I am an individual and non specified person, I want to take the benefit of section 44AA, My gross receipts from consultancy is below 25,00,000. Can I show my profit as less than 2,50,000 so that I will not require to maintain books of accounts even if it (profit) is more than that.
30 April 2019
No, you can't show such low profit on consultancy services. Tax authorities will take up your case for scrutiny.
30 April 2019
But on what basis they will do scrutiny, because as per law I am not require to maintain books of accounts
30 April 2019
What is your gross receipts.
30 April 2019
....................... Around RS. 16 lacs
30 April 2019
They will scrutinize your bank account. So declare 50% profit and pay taxes.
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