44AA(2) says if we carry on business or profession, we have to maintain all the books and records which enable A.O to compute *total income*.
44AD(5) says, if 44AD(4) applicable I.e. claiming profits below specified % and if total income exceeds BEL, then books specified under 44AA(2) shall be maintained and audit should be done.
Q.1) sir for example, there is a person who has pgbp and capital gains. And opted 44AD for pgbp and claimed COI for f.y 2001-2002.
Now my doubt is, if A.O asks documents or proofs for such COI in scrutiny. Can we say we are not required to maintain books or any documents which enable A.O to compute total income as per section 44AA(2) r.w 44AD.
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44ad read with 44aa
Replies (5)
Quick Summary
Don't mix rules for PGBP with CG.
Books are not required to be maintained for that particular assessment year only for PGBP income...
You are liable to declare the relevant documents based on which you have declared your CG gains.
But what about the provision sir....
Provision is in sec. 44AD for rules as per Sec. 44AA, which is applicable only on business transactions.
This provision is not applicable to Gains under head 'CAPITAL GAINS'.......... as explained earlier...
OK sir. tq
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