Section 44AA/44AD/44ADA

[Guest]

My job is to examine the Master Plan of cities & identify areas having the potential to be developed commercially or for a residential colony & help the Principal to acquire (procure) it for which I get retainership fee.I am not an Advocate but my long stint in the Govt. service has given me this expertise.My vocation(profession) is not covered by the professions under Sec.44AA(1) & my income from Profession does not exceed ₹ 120000/- & the total Gross income from Profession does not exceed ₹ 1000000/- as stipulated in Sec.44AA(2) As such I presume that I am not required to maintain accounts & am not covered by the provisions of Sec.44AD or 44ADA.

Please confirm whether I am right in my presumption.

AI Summary

Individual Questions Account Maintenance Exemption Under Section 44AA for Income Below Threshold from Development Services An individual seeks confirmation on whether they are exempt from maintaining accounts under Section 44AA of the Income Tax Act. They work in identifying potential commercial or residential development areas and receive a retainership fee. Their income does not exceed 120,000, and their total gross income from the profession does not exceed 1,000,000. They believe their profession is not covered under Section 44AA(1) and question if they are excluded from the provisions of Sections 44AD or 44ADA, which typically require maintaining accounts for certain professions and income levels.