Finance/Compliance Consultant
61436 Points
Posted on 04 February 2026
No — under income tax law (Section 44ADA) in India, if you are a freelancer/professional with annual gross receipts below the prescribed threshold (₹50 lakh/₹75 lakh if cash receipts are ≤5%), you are not legally required to maintain detailed books of account or get them audited just because of tax compliance under 44ADA. That means there’s no statutory requirement to have a current account solely for 44ADA compliance if your gross receipts are below the limit.