My client who is labour contractor/supplier has opted for section 44AD of IT Act.He has sale bills & bank statement, but do not have any other records like purchase bills, books of accounts etc.Is he require to maintain any other records.
And I also want to know, While calculating receipts for section 44AD, weather amount of service tax collected is also included in total receipts.
Regards
Siddharth
CAclubindia
