9911796707
TMI Blogsection 44ADX X X X Extracts X X X X X X X X Extracts X X X X ..... A) Section 44AD(5) of Itax act says that if eligible assessee claims to have income lower than 8% of gross T/O AND his TOTAL INCOME EXCEED basic exemption limit then he shall keep books of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a/cs u/s 44AA and get them audited u/s 44AB . B)From the above that means if eligible assessee (a PROPRIETORY FIRM )having T/o less than 1 cr and showing income 8% AND his TOTAL INCOME is B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ELOW basic exemption limit then it is not mandatory to keep bks u/s 44AA and get them audited u/s 44AB . Query:- 1)Is contention in (B) correct ?If 'NO' then WHY ? 2)If the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... IT return of the above firm is selected in scrutiny then whether ITO can ask for books,records (business related transactions enquiry ) ? 3)Can penalty be levied on the proprietor u/s 271B for no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t getting the books audited ? 4) In case of 'Eligible Assessee' under clause 'B' above , the I.Tax return of that proprietor be filed in Form 4S or in form 4 (assuming that assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has only business income ) - section 44AD - Query Started By: - sunil mehta Dated:- 19-1-2015 Income Tax - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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