hello friends,
An assessee is having dry cleaning business.his annual gross receipt is less than 20,00,000 for the prevous year 2010-11(AY 2011-12).for the PY 2008-09 and 2009-10 he has maintained books of accounts and computed tax on that.Can he opt for presumptive income for PY 2010-11?Is it necessary for him to maintain books of accounts for 2010-11?Will there be any problems for him in future years if he opt for Section 44AD?
He can file his return u/s 44AD for 2010-11, as his TO less than audit limit. no books need to be maintained.
as in your case the assessee has maintained BOA for last 2 years, he can do maintain this year also, and at the same time compute the presumptive income u/s 44AD, if profits as per books are lower than the presumed income he can declare such income to be the taxable income for the year, provided:
the income as per books exceeds maximum amount not chargeable to tax, AND
the books are audited by a CA and audit report is furnished by the specified date i.e. 30.09.2012.
** in case you are liable for audit under income tax law or any other law the due date for filing return u/s 139(1) will be 30 september of A.Y.
CAclubindia
