Applicability of 44aa

Others 241 views 2 replies

Dear Freinds,

I have a question on the applicability of Section 44AA.

If an assessee chooses to get taxed on presumptive basis under section 44ADA, should he still maintain books required under section 44AA?

In section 44ADA there is a clause that says, if the assessee claims that his income is below the 50% threshold he has to maintian books specified u/s 44AA and get them audited.

Does this mean that if an assess chooses to be taxed under presumptive basis he need not maintain the books specified u/s 44AA?

Thanks

Sandeep

 

 

Replies (2)

Correct, as per sec. 44ADA if assessee declares minimum 50% profit margin, he is not required to maintain books as per sec. 44AA of IT act. (i.e. for income tax assessment/purpose only)

if you show income 50% or more than not required to maintain books of account.


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
23 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
09 June 2026
Accounts Associate

S Madan and CO

New Delhi

Graduate (Any)

View Details
Company
26 May 2026
Audit executive

vdsr & co LLP

Chennai

CA Inter

View Details
Company
04 June 2026
Semi Qualified CA

Goyal Puneet & Associates

New Delhi

CA Final

View Details
Company
10 June 2026
Senior Account Executive

JDS Advisory LLP

Ahmedabad

CA Inter

View Details
Company
24 May 2026
Accounts & Tax Executive

PARAS KHURANA AND CO

New Delhi

B.Com

View Details
Company
26 May 2026
Senior Accountant cum purchase Manager

Vardhaman Group of India

Pimpri Chinchwad

CA Inter

View Details
Company
23 May 2026
Article Assistant

Geeta Manchanda & CO.

New Delhi

CA Inter

View Details