If you are declaring earnings at a percentage, which is lower than the 50% of your Gross Receipts, you cannot opt for presumptive taxation U/s 44ADA. In such case, you must keep your books of account, get them audited by a Chartered Accountant, and then disclose your actual income in your income tax return, as per the Audited Books of Accounts.
How does declaring profits at a rate lower than the mandated percentage (i.e., less than 50%) under section 44ADA affect an individual who has opted for the presumptive taxation scheme for their profession?
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