Section 44AD of the Income Tax Act offers respite to small business holders, through the Presumptive Taxation Scheme. The main benefit of the scheme is that an assessee falling under Section 44AD does not have to maintain records of transactions and accounts or undergo audit of accounts.
Under GST Act such person Whether forced to maintain records or any relaxation there?
If unregistered............ or under composition scheme........ can get some relief
IF a person files return under 44AD, then is it mandatory to have each or overall sales with more than 8% of Margin
@ Aiaz Khan: the margin (6% banks/ 8% cash) should be average of total (overall) sales.
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