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Section 44aa

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(Querist)
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.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
30 April 2019 No, you can't show such low profit on consultancy services. Tax authorities will take up your case for scrutiny.
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prince aggarwal

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prince aggarwal (Querist)
30 April 2019 But on what basis they will do scrutiny, because as per law I am not require to maintain books of accounts



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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
30 April 2019 What is your gross receipts.
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prince aggarwal

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prince aggarwal (Querist)
30 April 2019 ....................... Around RS. 16 lacs
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
30 April 2019 They will scrutinize your bank account. So declare 50% profit and pay taxes.

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