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.
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It doubt cash deposit sec 44ada filer
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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