Professions not coming under sec 44AA(1), are not covered under section 44ADA. Also their profession does not get classified as business and hence they are also not covered under sec 44AD.This means presumptive income is not applicable to such service providers.
Then they must calculate income as per their account books maintained as per section 44aa and provide details of profit and loss and balance sheet in part A. The requirement of declaring profit more than 50% of gross earnings should not apply to them and requirement of tax audit if gross earning is less than 50 lakhs should also not apply. Am I correct?
Why notice u/s 139(9) for defective return with defect code 181 being issued under such cases?
Professions covered u/s 44AA(1) are required to maintain specified books of account, but if they chose to adopt sec 44ADA and declare 50% of gross earnings as profit, do they become exempt from requirements of section 44AA(1)?
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