RULE 6F of Income tax Rules read with section 44AA

[Sushil Kumar Tibrewal]

We have small business of trading having turnover of Rs. 20 Lacs per year. Whether Rule 6F applies to our business income also. if not how we should maintain the books.

AI Summary

Applicability of Rule 6F to small trading business and consequent book-keeping obligations under section 44AA are questioned. Whether the presumptive taxation provision identified as Rule 6F applies to a small trading business is raised in conjunction with record-keeping obligations under the statute governing maintenance of accounts referenced as section 44AA. The operative legal question is the applicability of the presumptive mechanism to business income and the consequent compliance approach to bookkeeping under the statutory account-maintenance requirement.