U/s 44ad

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This query is : Resolved

Neeraj Kumar Giri (Querist)

06 March 2014 Respected Experts,
Kindly give your opinion upon a case below.
If a Assessee, who is engaged in a trading business of Paints and Sanitary goods and he use to purchase goods from outside State as per WEST BENGAL VALUE ADDED TAX & CENTRAL SALES TAX ACT accordingly.
His turnover is below or near about Rs.45 Lakhs during the A.Y.2013-2014 and his net profit is more than 8%, so no question of Tax Audit arises and while filing his Income Tax Return he claim deduction u/s 80c and u/s 24(b), can he file his Income Tax Return u/s 44AD as his nature of business is resaler.
As during the time of Asseessment proceeding an AO compel to produce Books Of Account notwithstanding that Return was filed u/s 44AD.

Nikhil Kaushik

Nikhil Kaushik (Expert)

06 March 2014 you can file return under 44AD. you are not required to maintain books under 44AD and accordingly AO cannot ask you to produce the same.

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Neeraj Kumar Giri

Neeraj Kumar Giri (Querist)

06 March 2014 Respected Kaushik Sir,
Is there any case reference is there which can avoid the AO query.

Nikhil Kaushik

Nikhil Kaushik (Expert)

06 March 2014 the section itself is self-explanatory Neeraj.

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