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It doubt cash deposit sec 44ada filer

Others 361 views 2 replies
for example:
it assessee professional gross receipts rs:28 lacs net profit declared 50 percent rs:14 lacs sec 44ada provision.
question:
1.assessess accounting records maintained compulsory
2. net profit declared amount rs:14 lacs cash deposit in bank account accepted or less family expenses deducted in net profit after balance amount cash deposit in bank.
Replies (2)

1. Not compulsory.

2. Accepted without any deductions...

Yes if you are declaring profit u/s 44ADA then no need to maintain any books of accounts. 

Further, the presumed profit of 50% is being taken after deducting all expenses.


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