Sec 44ada person accounting question

This discussion clarifies whether an IT professional filing under Section 44ADA needs to maintain accounting records. The consensus is that if the net profit declared is 50% of gross receipts (Rs. 7 lacs on Rs. 14 lacs turnover), it deviates from the presumptive scheme's requirements. For presumptive taxation under Sec 44ADA, net profit should ideally be 8% of turnover, and turnover must be under Rs. 2 crores. In such cases, maintaining detailed books of accounts is generally not compulsory.