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44AD and 44AA
Please explain law supporting, non maintenance of books of accounts for People opting section 44AD. Where in law it is said that assessee opting 44AD need not maintain book of account as per Section 44AA.?
Replies (3)
If you offer net profit as per this section there is no need for maintaining the books of accounts
8% of turnover
6% of turnover if transactions carried through bank.
Sarah Rajendra.. Where it is said??
Mr. girish please refer to section 44AA(2)(iv)
where the provisions of sub-section [4] of section 44AD are applicable in his case and his income exceeds the maximum amount which is not chargeable to income-tax in any previous year,
as per the above , only persons covered under 44ad(4) are required to maintain books if their total income exceeds 250000
where the provisions of sub-section [4] of section 44AD are applicable in his case and his income exceeds the maximum amount which is not chargeable to income-tax in any previous year,
as per the above , only persons covered under 44ad(4) are required to maintain books if their total income exceeds 250000
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