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.
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