Section Applicability Books Required Audit Required 44AA Businesses (>₹25L) / Professionals (>₹50L) Yes Only if audit rules apply 44AB Business (>₹1 Cr) / Professionals (>₹50L) Ye...
Know More about Quick Comparison – 44AA vs 44AB vs 44AD vs 44ADAIntroduction Bookkeeping and auditing are essential for accurate financial reporting. Under the Income Tax Act, Sections 44AA and 44AB specify when businesses and professionals must maintain books of ...
Know More about Understanding Sections 44AA & 44AB – Bookkeeping & Tax Audit CompliancePresumptive Taxation Overview Presumptive taxation simplifies compliance for small taxpayers. Instead of maintaining detailed books, income is declared as a fixed percentage of turnover or receipts. S...
Know More about Presumptive Taxation – Sections 44AD, 44ADA, 44AEThe first ever blog post is here. It might be a good idea to update this post with some more relevant content....
Know More about Penalties & Non-Compliance under Sections 44AA & 44AB