Section 44ad

This query is : Open

Rakesh Sharma (Querist)
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01 May 2017 Dear sir,

Our sales (1.65 Cr.) in F.Y. 2016-17 is totally cash less & 98% amount we have already received through Cheque, NEFT etc. except cash and remaining 2% will be shortly received through cheque.

My queries are :-

1) Are we eligible to file return u/s 44AD by declaring N.P. 6% to 6.5%?
2) Are we maintain any books except maintain record of 6% or 8% receipt against sales?
3) What types of records we have to maintain?
4) Is there any changes to receive intimation u/s 143(2).
5) We have to file return u/s 44AD in next five years.
6) Is there any changes for continuation of 6% cash less scheme?

Please advise & educate me.

Regards,

Rakesh Sharma

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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01 May 2017 1 Yes you are eligible for 44AD by declaring 6% to 6.5% profit.
2 No need of books of accounts. Maintain sales, creditors and debtors details.
3 Sales, debtors and creditors records to be maintained.

4 No change.
5 No need, if you come out of 44AD then you can't opt for it next five years.
6 No charge.

Message likes : 1 times

Rakesh Sharma

Rakesh Sharma (Querist)
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02 May 2017 I always honour your answer sir, thanks

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