The assessee opting to pay tax under the provisions of section 44ADA is not be required to maintain books of accounts as per section 44AA and gets the accounts audited under section 44AB of the Income Tax Act, 1961 where

CS Executive · Tax Laws and Practice · PYQS · December 2018

The assessee opting to pay tax under the provisions of section 44ADA is not be required to maintain books of accounts as per section 44AA and gets the accounts audited under section 44AB of the Income Tax Act, 1961 where ..........

(A) It claims that the profit and gains from the profession is higher than the deemed profit and gains

(B) Total gross receipts should not exceed ₹60 lakh

(C) Its income does not exceed the maximum amount which is not chargeable to income tax

(D) Both (A) and (C)

Answer & Explanation:

Correct Answer: Option (D)

Official answer key: (D).

Topics: Income Tax Act, 1961

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The assessee opting to pay tax under the provisions of section 44ADA is not be required to maintain books of accounts as per section 44AA and gets the accounts audited under section 44AB of the Income Tax Act, 1961 where

Answer & Explanation:

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