An assessee engaged in a Specified profession u/s 44AA claims that his income for the PY 2016-17 is only 40 % of his Gross receipts and his total income does not exceed the basic exemption limit.
Whether he is liable to maintain books of account for such PY and get it audited under 44AB???
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Section 44ADA
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"An assessee engaged in a Specified profession u/s 44AA claims that his income for the PY 2016-17 is only 40 % of his Gross receipts and his total income does not exceed the basic exemption limit.
Whether he is liable to maintain books of account for such PY and get it audited under 44AB?"
Total income does not exceed basic exemption limit, and is 40% of gross receipts means around 6 lakhs!
Yes, books of accounts are required to be maintained as per section 44AA (exemption limit of Rs. 1.20 lakhs crossed for net income), but no tax audit liability u/s. 44AB.
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