Thursday, October 11, 2012

Re: {Amresh's CA's} Re: [aaykarbhavan] Re: [aurangabad_ca] 44AD



U r welcome.
C A Shah D J
USA

From: Vivek <vivektr@yahoo.com>
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Sent: Thursday, 11 October 2012 11:58 AM
Subject: Re: {Amresh's CA's} Re: [aaykarbhavan] Re: [aurangabad_ca] 44AD

 
Thank u sir, ur reply gave me lot of clarity.

Regards,

CA Anantharaman.T.R


Sent from my iPad

On 11-Oct-2012, at 8:35 PM, Dipak Shah <djshah1944@yahoo.com> wrote:

 
The can always call for such details for the following reasons
He can always call for the details to substantiate that your turn over was below the limit for audit n also the details of bank accounts, debtors, creditors as mentioned in the columns of ITR means for the those assessees who have opted for presumptive tax mode. 
Secondly, if your previous year was audited then u were suomoto required to deduct tax at source. 
Apart from that u may not b required to keep the books of accounts but u may b asked to produce the primary records. 44AD exempts one from maintaining books of accounts but not from primary records.
Details like receipt issued against sales, sale deeds, bank pass books etc can always be called for.
Basically, one should b in a position to substantiate his claim that his turn was below the prescribed limit for audit and that can always be done by placing the sales/ turnover supportings. Even your bank credit entries are more than the limit under section 44AD, then u r required to prove beyond doubt about those credit entries. 
If every one who adopts presumptive tax mode n AO is preventive from seeking any information then every one will use that mode. 
Basically AO has to verify as to whether the case was actually eligible for 44AD or not. 
C A Shah D J
USA


 
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
From: Vivek <vivektr@yahoo.com>
Date: Wed, 10 Oct 2012 08:28:32 +0530
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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