Festive Savings Are Here. Get 10% OFF on All CCI Pro Plans. Subscribe Now!

U/s 44ad

Save Share

This query is : Resolved

sabarivasan (Querist)

12 December 2013 I have filed return of income for the Asst. Year 2012-13 and my business is covered by sec 44AD. Now the ITO has sent a scrutiny notice u/s 143(2) and asking to produce the Cash book and Creditors parties ledger account for that year. But I did not maintain any books of accounts which is not required by sec 44AD. Now I want to produce cash book and Creditors parties ledger account to the ITO. Is is necessary to produce the cash book and creditors parties ledger account to the ITO if asked compulsory by ITO.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

12 December 2013
Assuming that the profit declared is 8% or higher of the turnover-

1. You can produce the list of sundry creditors alongwith the supporting bills and vouchers.
.
2. State that books of accounts has not been maintained and cash balance represents the actual cash in hand as on the last day of FY.
.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now