Dear All,
I need your help with regards to following few questions related to Section 44AD of IT Act.
- Whether the assesse can open a bank account if it is adopting Section 44AD?
- Is opening of bank accounts can be treated as maintaing books of accounts under this section?
- If s/he opens the bank account can the assessee deposit money from the sources of the eligble business?
- If the assessee deposits in the bank account from the eligible business can that be treated as a parameter for maintenance of books of accounts and disqulaifies from the application of the said section 44AD?
- If the assessee is maintaing books of accounts under Rule 6 of TN Vat Act 2007, whether that can be considered under this section as maintaing books of accounts, complying to the said Section 44AD?
Kindly post all your valuable support........
CAclubindia
