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Section 44ad to section 44ab

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(Querist)
07 July 2017 Dear All,

Earlier years my turnover was less than 2 crore. I used to file my return as per provision of section 44AD. In FY 2016-2017 my turnover cross the limit of Rs. 2 crore. Now, I would like to know how should I maintain our books of account when there is no proper books of account in previous years. What is the Income Tax Guideline in this regard.

Also, I would like to know how the valuation of stock will be done in the absence of proper books of account.

Thanks & Regards

Shoeb
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Amol S Joglekar

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Amol S Joglekar (Expert)
07 July 2017 01 stock is valued at cost or market price whichever is lower.
02. Ask some CA or accounting expert to prepare balance sheet from the incomplete records. Take this as the opening balance sheet for the year in which your turnover crossed 2 crore.
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