section 44AD

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....ection 44AD<br> Query (Issue) Started By: - sunil mehta Dated:- 19-1-2015 Income Tax<br>Income Tax<br>A) Section 44AD(5) of Itax act says that if eligible assessee claims to have income lower than 8% ....

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....of gross T/O AND his TOTAL INCOME EXCEED basic exemption limit then he shall keep books of a/cs u/s 44AA and get them audited u/s 44AB. B)From the above that means if eligible assessee (a PROPRIETORY....

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.... FIRM )having T/o less than 1 cr and showing income <8% AND his TOTAL INCOME is BELOW basic exemption limit then it is not mandatory to keep bks u/s 44AA and get them audited u/s 44AB . Query:- 1)Is....

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.... contention in (B) correct ?If &#39;NO&#39; then WHY ? 2)If the IT return of the above firm is selected in scrutiny then whether ITO can ask for books,records (business related transactions enquiry )....

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.... ? 3)Can penalty be levied on the proprietor u/s 271B for not getting the books audited ? 4) In case of &#39;Eligible Assessee&#39; under clause &#39;B&#39; above , the I.Tax return of that propriet....

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....or be filed in Form 4S or in form 4 (assuming that assessee has only business income )<br> Discussion Forum - Knowledge Sharing ....