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
Sir
If an assessee has opted for Section 44AD he is not required to maintain any book of accounts U/s44 AA and receipts never includes tax collected as it is a liability payable to government.
Shyam Joshi & Associates
Pune
B.Com
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Triveni Turbine Limited
Bengaluru
CA
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