Sec 44ada it filer books of accounts exempt or mandatory
This query is : Resolved
04 May 2024
Sir,
Sec 44ada provision itr filed person books of accounts maintained mandatory or exempt.
Sec 44ada provision itr filed person books of accounts maintained mandatory or exempt.
04 May 2024
Not mandatory, but statement of amounts received by cash & bank are required to be maintained, along with receivables, if any.
04 May 2024
is it relevant for 44ADA? separation of cash and bank?
04 May 2024
Naturally not for ITR, but for confirmation of cash receipts.
06 May 2024
i think, if the intent is to report, then confirmation of cash receipt is not going to be something that I would record as a professional. If the intent is not to report, then anyway i am not recording. The whole point of 44ADA being not maintaining any records. maintaining cash records could and would only complicate other compliances.
06 May 2024
There is no specific rule how you maintain the records of the receipts, which is the only compliance under sec. 44AD/44ADA. Even during query/scrutiny these record is verified. Practically, we have found it useful to record it in two different columns, which saves time in future, in case it is needed.
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