for example: professional income it person gross receipts rs:14 lacs net profit declared 50 percent rs:7 as per sec 44ada provision it returns filed in f.y.20-21.
question:
a person accounting records maintained compulsory or not compulsory
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Sec 44ada person accounting question
Replies (2)
Net profit cannot be 50% of turnover to opt for presumptive scheme.
It must be 8% and turnover must be less than 2 crores
Not required to maintain books of accounts in your case
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