Sec 44ab & 44ad
Querist : Anonymous
AS PER SEC 44AB ASSESSEE IS REQUIRED TO MAINTAIN BOOKS OF ACCOUNT IF HIS PROFIT EXCEEDS 120000.
THUS EVERY ASSESSEE WILL OPT FOR 44AD SHOW HIS PROFIT BEFORE 120000 BUT BELOW 160000 AND WILL NOT MAINTAIN BOOKS OF ACCOUNT.
please read the starting lines of Sec.44AD "Notwithstanding anything to the contrary contained in sections 28 to 43C....."
what it means that if you follow Sec.44AD, then Sec. 28 to 43C will not be applicable/applicable subject to Sec.44AD to the eligible assessee.
So, if eligible assessee opting for this section, then there is no need to maintain books of accounts related to the eligible business.
Income criteria is totally irrelevant if the eligible assessee following Sec. 44AD.
hope the query is clear
now cheers
Querist : Anonymous
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