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of <h1>Section 44ADA: Residents in specified professions with gross receipts = Rs50/75 lakh taxed at 50% deemed profits; books/audit rules</h1> An individual or partnership (excluding LLP), resident in India and engaged in a profession specified under section 44AA with total gross receipts not exceeding Rs.50 lakh (or Rs.75 lakh where cash receipts do not exceed 5%), is deemed to have profits equal to 50% of gross receipts for tax purposes; a higher amount claimed may be accepted. Deductions under sections 30-38 are treated as already allowed and not separately deductible, and written-down value is computed as if depreciation had been claimed. If the assessee claims lower profits and total income exceeds the basic exemption limit, books must be maintained as per section 44AA and accounts audited with an audit report under section 44AB.
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