[aaykarbhavan] Re: [aurangabad_ca] 44AD

No, we offered income @ 8 % only. But even then he is asking.

Regards,

CA Anantharaman.T.R

Sent from my iPad

On 10-Oct-2012, at 12:02 PM, akmehraco@gmail.com wrote:

 

Vivek
Sec 44AD is to be used if your client was offering net taxable income for Tax at 8% of turnover. Since the net taxable income offered is a loss your client needs to maintain books of accounts. The AO is therefore justified in asking for the same.
Best Regards
Ashok Kumar Mehra Co , Chartered Accountants, 305 Amore, Junction of 2nd 4th Road, Khar West, Mumbai 400052. ph nos 02226008693/94. E Mail ashok.mehra16@gmail.com

Sent on my BlackBerry® from Vodafone

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From: Vivek <vivektr@yahoo.com>

Sender: aurangabad_ca@yahoogroups.com

Date: Wed, 10 Oct 2012 08:28:32 +0530

To: Amresh cas<ICAI_CIRC_MEERUT_CA@yahoogroups.com>; aaykarbhavan@yahoogroups.com<aaykarbhavan@yahoogroups.com>; Chartered_accountant@yahoogroups.com<Chartered_accountant@yahoogroups.com>; lucknow C A Group<lucknow-ca@yahoogroups.com>; C A Pune Groupd<casofpune-subscribe@yahoogroups.com>; IndianCAs Moderator<IndianCAs-owner@yahoogroups.com>; CA News<CANEWS@yahoogroups.com>; New Delhi CA forum<new_delhi_ca@yahoogroups.com>; aurangabadcas<aurangabad_ca@yahoogroups.com>; ALWAR CA GROUP<ALWAR_CHARTERED_ACCOUNTANTS@yahoogroups.com>; Jaipur CA<Jaipur_CA@yahoogroups.co.in>

ReplyTo: aurangabad_ca@yahoogroups.com

Subject: [aurangabad_ca] 44AD

 

Dear all,

A builder client of mine, which is a partnership firm, had a turnover of 58 lacs during the fy 2010-11. As per books, there was a loss and hence, income was offered u/s 44AD.

Now the ao has manually taken up the case for scrutiny and when I met him, he asked for books of account, tds details, land purchase details, client list and agreement copy, bank stats etc.

Is his demand justifiable as I have offered u/ s 44 AD? Can I argue that the same cannot be produced?

Regards,

CA Anantharaman.T.R

Sent from my iPad

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