Bill issue

As per section 44D of Income Tax Act person who is filling his income tax return under this section is not require to maintain Books of accounts neither he/she liable to tax audit under the act. Further you are not registered under GST and also you are selling your product to end consumer and also due to nature of your business and amount involved in each transaction it is not viable for you to issue invoice for such transactions, as per my opinion you are not required to issue invoices for supplies made by you.

Hope you find answer to your problem, if you have any further queries let me know.

No you are not required to maintain each bill maintaining a register containing all details is enough as no one can ask for much details with regard to return filed u/s 44AD.

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Thank you

Hi,

No, you are no required to maintain all bills.

Also, there is no requirement to issue invoices.

Hi

You are not required to issue bills for each and every sale. Since you are filing return under 44AD and maintaining the cash book/ register for cash sale, there would be no issue. 

Hi,

- Prepare a consolidated bill at the end of the day.

Thanks

- If your sale is below 2cr then you can opt for 44AD. Once discontinued in between before 5 years then not eligible for 44AD for next 5 years.

If your accounts were audited due to crossing of 2 crore threshold and not any other reason and before that you were filing return under 44AD then you are not liable to get your accounts compulsorily audit for 5 years you can opt for 44AD and file return. Compulsory 5 years audit is required when you opt out of 44AD but in your case it's not applicable.

May be he has mentioned something incorrect in your audit report or may be his understanding of that section is incorrect. Just read the audit report and then decide and if you want I can assist you just make a phone call and mail the audit report.

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Thank you

Since your turnover was above 2 CR, you cannot opt for 44AD. Thus, audit was applicable.

In the next year, if turnover is below 2 CR, you can again opt for 44AD.

Yes, it is true because your turnover was above 2 cr.

Businesses with turnover up to Rs 2 crores can opt for presumptive taxation scheme.

If you are opting for the presumptive scheme, you must file presumptive scheme for at least 5 years in continuation.