watch_later 12/03/18


While filing income tax return U/s 44AD presumptive turnover we need to file balance sheet or only computation is enough. Let me know.

2 Responses | Latest response: 12/03/18 | Sort by Likes(thumb_up) Recent | Income-Tax Reply
watch_later 12/03/18

We file return under section 44AD on presumptive basis and it means that no books of accounts are maintained by assessee.

You can file return with computation and details of balance sheet is not required.

watch_later 12/03/18

Dear Rajesh Ji

If you are going to file your ITR by opting section 44AD you need not to show complete details of balance sheet.

You just need to show not less than 8% Net profit of your aggregate  turnover. Further you can show only these four figures under this section in ITR-

1. Debtors

2. Creditors

3. Stock

4. cash

The biggest advantage of this section is you need not to maintain books of accounts . This is Simple and less complex section particularly meant for Small and medium size businessmen and traders


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