44AA and 44AD
This query is : Resolved
24 November 2016
An assessee has been declaring profits u/S 44AD since its inception. In the current FY, if his is, say INR 50L and in turn, income is INR 4L as per section 44AD.
Would the assessee be required to maintain books as per section 44AA? Request your answer to be as per the recent amendment as well as the section which stood before Finance Act, 2016.
Thanks in advance!
25 November 2016
No need to maintain accounts before amendment and after amendment. Accounts need to be maintained only if less than 8% profit declared.
25 November 2016
Thanks for your reply. I just needed a confirmation on the same as I had received a notice for defective return on this.
04 November 2021
No change in the act for maintenance of books of accounts, when minimum profit margin declared in the ITR. You may reply accordingly.
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