u/s 44ad
Querist : Anonymous
in the books of account provided the person maintaining the books of account is a good "accountant".
.
If you are a man of principal, do not disturb your books of account.
Without disturbing your books, you can claim that your profit is 8% of turnover.
That will be shown in computation only.
By doing so , you may have to pay tax, but your capital will not increase to the full amount of taxed profits.
1. As told by Mr. Paras Bafna, change your books to show at least 8% profit.
2. Keep your books as it is but For the purpose of income tax, compute profit as 8% of turnover, pay tax and stay tension free.
3. Get your books of accounts audited by a CA and file your return with actual profits.
Querist : Anonymous
1.if my net profit above 8% (turnover below 60lakh) then which ITR i file, ITR4 Or ITR4S for a.y.11-12.
2.if i mainten books then i file ITR4 without take u/s44ad.
Even if you keep books of accounts still you can fill ITR 4S.
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