whether is it compulsory to maintain books of account under income tax act in this situation.
details are mentioned below.
PY 2010-11 (return filed ist time) : showing G.T.I RS 2 LAKH
PYR 2011-12 : Gross receipts Rs 5,20,000 from carrent zone for letting out taxi on hire.
thnks in advance
in AY 2011 - 12 you have to maintain books cumpulsorily.
This is as per Section 44AA
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| Originally posted by : dharmender | ||
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whether is it compulsory to maintain books of account under income tax act in this situation. details are mentioned below. PY 2010-11 (return filed ist time) : showing G.T.I RS 2 LAKH PYR 2011-12 : Gross receipts Rs 5,20,000 from carrent zone for letting out taxi on hire. thnks in advance |
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2010-11 No
2011-12 If you are prepared to show 8% of your gross receipt ie 41600 as your presumtive income ie even if your income from the business is less than 41600 or you actually incurred loss and you are prepared to declare 41600 as your income then u/s 44AD you need not maintain books of accounts.
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