Find
Under the presumptive scheme you are not required to keep full books for that business, but you still need records of turnover, bank statements and the year end figures you reported. The officer can ask for whatever records exist.
ITR
Notice asks for books but I keep no books
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Provisions
Sec 142(1) (now Sec 268(1)); Sec 44AD (now Sec 58); Sec 44AA (now Sec 62)
Analysis
Reply that books are not required under Sec 44AD and give what you do have: bank statements, GST returns if registered, sales bills, and the working of turnover and the debtors, creditors and stock reported in ITR-4. For example, show that turnover of ₹1.6 crore matches GSTR-3B and bank receipts. If the notice is about cash deposits or purchases, explain them specifically.
Close
- Say in the reply that books are not required under the presumptive scheme
- Attach bank statements and GST returns for the year
- Give the turnover working and the year end balances you reported
- Answer any specific question in the notice separately
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