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Answers 

Opening  shown in I.t. return

Assess a small business person.

Sales turnover finicial year :2018-2019 rs.69 lacs

Sales turnover finicial year: 2019-2020 rs.80 lacs.

Assess two years I.t. return filed.books of accounting not maintained.

Question:

Assess How much amount( minimum and maximum) capital and cash on hand and closing stock opening balance as on 01-04-2018 shown in balance sheet I.t. returns under I.t.act.

Total Answers 1
Answer by: vishal

if you have not maintained your books of accounts you can opt presumptive taxation scheme under section 44AD-

a. Your turnover must be less than Rs 2 crores.

b. Your NET income shall be considered as 8% of your turnover (net income will be considered 6% in case of digital receipts).

c. You don’t have to maintain accounting records.

you must read my blog on Presumptive Taxation scheme under section 44AD


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