Section 44AB read with 44ADA extention
This query is : Resolved
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
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.
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