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Individual who's turn over from trading business is more than 1 cr but he/she is not maintains any books of accounts .. Now under which section he/she can file income tax return ? Please suggest me..
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For financial year 2015-16 below 1cr, and from Financial year 2016-17 upto 2Cr. turn over of business u/s. 44AD
For F Y 2015-16 his turnover is more than 1 crore .. And how much % of profit can be declare ?
In this case this section 44AD is not applicable. The assessee has to maintain books of accounts and liable to Audit u/s. 44AB.
Sir , but he can not maintain books of accounts..
On what basis you claim turnover more than 1 Cr?
Complete the books of accounts by conversion of single entry system into double entry system.
Even cash basis of accounting is allowed for income tax purpose.
So for 15-16, compute profits as per cash basis form the cash register or bank book, and get it audited by a CA
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