Section 44AB read with 44ADA extention
This query is : Resolved
Peter Pamatthai
(Querist)
29 November 2021
Thank you sir for the reply - now I want to know whether I can go back to 44AB audit if the gross receipts exceed Rs.50 lakhs in the subsequent year. This results in keeping accounts for the subsequent year without an opening balance sheet. Expecting your valuable reply/suggestions - thank you
Dhirajlal Rambhia
(Expert)
29 November 2021
DECLARING INCOME UNDER PRESUMPTIVE ASSESSMENT (HERE U/S. 44ADA) DOES NOT PREVENT YOU TO KEEP BOOKS OF ACCOUNTS.
BOOKS NEED TO BE MAINTAINED FOR OUR OWN PURPOSE. MAIN ADVANTAGE FOR THE ASSESSMENT IS THE BOOKS CANNOT BE CALLED FOR VERIFICATION OR AUDIT, ALONG WITH PROFIT MARGIN PERCENTAGE.
BOOKS NEED TO BE MAINTAINED FOR OUR OWN PURPOSE. MAIN ADVANTAGE FOR THE ASSESSMENT IS THE BOOKS CANNOT BE CALLED FOR VERIFICATION OR AUDIT, ALONG WITH PROFIT MARGIN PERCENTAGE.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Capital Gail Exemption Certificate
- Utilisation Fy 25-26 TDS challans in Fy 26-27 TDS Return
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Oct 2025 Invoices
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Issuing of delivery challan by seller of goods
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
