Receipts under sec. 44ADA

This discussion clarifies the application of Section 44ADA for professionals. It addresses whether you can declare 50% of your total receipts as income, even if your actual expenses are significantly lower. The thread also highlights potential issues that may arise, such as missing current year financials, difficulties when applying for loans requiring three years of financial statements, and the possibility of qualified audit opinions on opening balances in subsequent years if they were unaudited.