Itr u/s 44ad with profit & with p&l a/c

Originally posted by : RAJA P M
	Is his way of filing returns the recommended way to file returns ?Before 2nd opinion...What about Your accounts position like Books of Accounts...?Are You maintained proper books...?

I have maintained my bills & purchase receipts. The P&L is constructed using the bank statements.

Originally posted by : RAJA P M
	Well...If You maintain books of accounts as per sec 44AA* then You can move with sec 44AB & You can file lesser profits...* Please check out the books accounts details u/s 44AA read the details herehttps://cleartax.in/s/books-of-accounts-and-audit-requirements-for-freelancers

I do NOT maintain books as per Sec 44AA.

So, in this scenario, is my CAs' method of filing ITR U/s 44AD the recommended way ?

1. Books of accounts (BOA) include Cash Book, Journal, Ledgers, Copies of bills and receipts, daily cash registers, Details of stocks, etc. 
2. The above are the BOA as per sec 44AA and the above need to be maintained by you for resorting to normal provision without sec 44AD. 
3. However, if you don't maintain any such records as contemplated above then it would be better for you to opt for presumptive taxation u/s 44AD and show 8% of your gross receipts or T.O as income and pay tax on the same. 
4. One of the major reason for promulgating sec 44AD is not to burden the small tax payers from maintaining BOA. 
Please correct me if the above solution has an alternative view. 

Originally posted by : RAJA P M
	I do NOT maintain books as per Sec 44AA.So, in this scenario, is my CAs' method of filing ITR U/s 44AD the recommended way ?Yes... That's the Only way to file Your ITR with 8% / (6%).Your CA's view is exactly correct. No need second opinion.👌👌👌👌👌

Originally posted by : Suresh Thiyagarajan
	1. Books of accounts (BOA) include Cash Book, Journal, Ledgers, Copies of bills and receipts, daily cash registers, Details of stocks, etc.  2. The above are the BOA as per sec 44AA and the above need to be maintained by you for resorting to normal provision without sec 44AD.  3. However, if you don't maintain any such records as contemplated above then it would be better for you to opt for presumptive taxation u/s 44AD and show 8% of your gross receipts or T.O as income and pay tax on the same.  4. One of the major reason for promulgating sec 44AD is not to burden the small tax payers from maintaining BOA.  Please correct me if the above solution has an alternative view.

He doesn't claim 8% as profit, he varies it between 16-30% based on what he considers believable & asks me to pay tax based on that.

This year he derived a 30% figure as net profit and I paid tax on the profit after deducting partners remuneration.