since when consultancy is not considered as business/ profession. please read provisions of section 44AA. maintenance of accounts itself entail preparation of financial statements!
whether they have to be audited or not is a separate issue
30 May 2015
tax audit u/sec 44ab is not required books of accounts need not be maintained and balance sheet,profit and loss account need not be prepared you can file the return based on presumtive basis
30 May 2015
How come Mr Ravichandra? since when professional income is covered under presumptive basis...
management consultancy is a profession and should get covered under 44AA(1) (technical consultancy). And as per section 44AD, 44AA(1) professions cannot use deemed income provisions.