Skip to main content

If a person opts for the presumptive taxation scheme under section 44AE, do they need to maintain books of account as per section 44AA of the Income Tax Act, 1961?

Nine O Six
No, such persons are not required to maintain Books of Accounts. 
The Income Tax law has provided a special dispensation to such taxpayers, allowing them to declare their income at a prescribed rate without the need to maintain detailed books of account.

Related to

Comments

0 comments

Please sign in to leave a comment.