RETURN U/S44AD

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  1. KIRAN MODA

    KIRAN MODA New Member

    I am involved in trousseau packing business and provide my personal services for the decoration and packing of gift materials provided by my clients on their respective functions.

    I charge as per my own rates for different kind of packing. I seldom buy packing materials such as artificial flowers, dolls, packing trays, packing paper, glue sticks or any other material as per the requirements in cash without getting proper purchase bill.( because no one gives the proper bill even if I am ready to pay the vat on the price charged).

    I get the payment in cash some times upto 19000 per package for packing from my clients and customers. my gross receipt as per my cash book during 2015-2016 is around 13 lacs and total materials purchased during this time is around 1.25 lacs.

    now as per the trading and profit and loss account, the gross profit is coming around 12 lacs and the net profit is around 10lacs

    I want to ask that whether books of accounts are necessary for me to maintain. I am not keeping any of the following books

    stock register ( although I have all the used stocks of artificial flowers, trays, and other packing materials)

    sales book ( I do not issue any sale bills because I do not sell the packing, rather I give all packing on returnable basis, and after the function is over, all the material provided by me is returned back)

    purchase bills ( as mentioned above)

    only cash book is maintained , that too in very basic sense. I maintain my bank account and all the receipts are deposited in the bank from time to time.

    please clarify whether I can file my income tax return u/s 44ad or I have to do something else.
     
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