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regading sec 44AD and sec. 44AA

shakti (STUDENT) (147 Points)

06 January 2011

dear sir/expert

plz give me suggestion about sec 44AD

sir i filled return U/S 44AD in this case maintenance of books of account is required or not (as per sec 44AA)

thanks & regards

shakti

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3 Replies

ANKUR KUMAR (CA-FINAL) (39 Points)
Replied 06 January 2011

Dear Shakti,under return U/S 44AD maintenance of books of account is not required if Income declared is upto or higher than 8% of the Gross receipts..

However,,to claim below the 8% of Gross receipts than the Books u/s 44AA and Audit u/s44AB mandatorily required.

1 Like

M .K. Jha (CA Final) (484 Points)
Replied 06 January 2011

Dear Shakti,

U/S 44AD If Income is higher than 8% of the Gross receipts. Then there is no any requirment to maintain of books of a/cs US 44AA

OTHERWISE, If INCOME CLAIM below the 8% of Gross receipts than the Books u/s 44AA and Audit u/s44AB mandatorily required.

1 Like

CA MAULIK (C.A) (937 Points)
Replied 06 January 2011

Originally posted by : ANKUR KUMAR
	Dear Shakti,under return U/S 44AD maintenance of books of account is not required if Income declared is upto or higher than 8% of the Gross receipts.. However,,to claim below the 8% of Gross receipts than the Books u/s 44AA and Audit u/s44AB mandatorily required.