Applicability of 44aa

249 views 2 replies

Dear Freinds,

I have a question on the applicability of Section 44AA.

If an assessee chooses to get taxed on presumptive basis under section 44ADA, should he still maintain books required under section 44AA?

In section 44ADA there is a clause that says, if the assessee claims that his income is below the 50% threshold he has to maintian books specified u/s 44AA and get them audited.

Does this mean that if an assess chooses to be taxed under presumptive basis he need not maintain the books specified u/s 44AA?

Thanks

Sandeep

 

 

Replies (2)

Correct, as per sec. 44ADA if assessee declares minimum 50% profit margin, he is not required to maintain books as per sec. 44AA of IT act. (i.e. for income tax assessment/purpose only)

if you show income 50% or more than not required to maintain books of account.

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
14 July 2026
Senior Executive/ Manager

H S SHARMA AND CO

Pune

CA Final

View Details
Company
ARTICLESHIP 14 July 2026
Article Assistants

R Shyam and Associates

New Delhi

CA Final

View Details
Company
ARTICLESHIP 15 July 2026
CA Articles

Kinjal H Shah & Co.

Mumbai

CA Foundation

View Details
Company
ARTICLESHIP 30 June 2026
Taxation Content Writer Intern

Interactive Media Pvt Ltd.

New Delhi

CA Inter

View Details
Company
11 July 2026
CA semi qualified

Vakilsearch.com

Chennai

CA Inter

View Details
Company
20 June 2026
Chartered Accountant

ANV & Company

New Delhi

CA

View Details
Company
22 June 2026
Finance Manager- Chartered Accountant

Triveni Turbine Limited

Bengaluru

CA

View Details
Company
22 June 2026
Accountant

Global Image Technologies Private Limited

New Delhi

MBA

View Details