26 July 2018
Instead of 44ab or 44aa...??
If 44ad You can get relief for books of accounts. But, Profit will be shown 8 percent or above 8 percent... Limit is applicable Rs 2cr if eligible business.
If 44ab You can declare any profit amount. But, mainly books of accounts required.
14 October 2021
The main objective of Presumptive taxation scheme is to relieve the small tax payers from the tedious work of maintaining books of accounts. An assessee, who adopts the provisions of presumptive taxation scheme under the Section 44AD of the Income Tax Act, is not required to maintain any books of account. For details refer: https://taxguru.in/income-tax/presumptive-taxation-scheme-faqs.html
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