Srutiny
This query is : Resolved
girigattupalli
(Querist)
13 September 2012
respected sir,
i have one bank account and total credits during f y 2010-11 to my bank account is 4000000(forty laks in words)
including cash deposits.
i filed form 4s for ay 2011-12 and declared 4500000(forty five laks)
under sec 44ad and paid tax there on.
now i received scrutiny notice for ay 2011-12 and asked to explain cash deposits.i have not maitained books of accounts and declared my income under sec.44ad.AND iam not in a position to explain cash deposits to my account.please some one guide me.
thanking you
i have one bank account and total credits during f y 2010-11 to my bank account is 4000000(forty laks in words)
including cash deposits.
i filed form 4s for ay 2011-12 and declared 4500000(forty five laks)
under sec 44ad and paid tax there on.
now i received scrutiny notice for ay 2011-12 and asked to explain cash deposits.i have not maitained books of accounts and declared my income under sec.44ad.AND iam not in a position to explain cash deposits to my account.please some one guide me.
thanking you
CA VISHNU GAVKARE
(Expert)
14 September 2012
you need not to worry. As per 44 ad no books of accounts needs to be maintain. you can take benifit of the same and present the case in front of AO saying 44 ad do bot require to maintain books of accounts if income is above specified limits in it.
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