06 June 2011
According to me in case of minimum income which can be shown as taxable on presumptive basis but higher income may be declared and if one shows in balance sheet that Rs. 480000/- of profit earned he has to pay tax on this amount only. otherwise he should not file balance sheet and profit and loss account with the return of income,
06 June 2011
1) If income is declared at presumptive rate as per section 44AD, no need to file balance sheet at any point of time. 2) If income declared is less than the presumptive rate, accounts are to be audited, which means balance sheet has to be prepared, but no need to file along with the return since to be filed annexureless, but to be filed if called upon proper notice for scrutiny.
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