TaxTMI 
TaxTMI 
Can a person claim exemption from maintaining books of account under Sec 44AA(2)(i) by filing his return under 44AD of the Act? Under which provision/circular/instruction can the assessee claim such benefit?
44AD - Exemption from maintaining books under 44AA
22 Jul 2017 
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Presumptive taxation under section 44AD can exempt eligible taxpayers from books keeping unless income exceeds taxable threshold.
An assessee adopting Presumptive Taxation under section 44AD may be exempt from maintaining books of account under section 44AA(2)(i) if eligible and compliant with 44AD; however, if total income exceeds the maximum non-taxable amount subsection 44AD(5) requires books and audit under section 44AB, and failure to follow the presumptive provisions in any of the five succeeding assessment years invokes the five-year disqualification under subsection 44AD(4). (AI Summary)
An assessee adopting Presumptive Taxation under section 44AD may be exempt from maintaining books of account under section 44AA(2)(i) if eligible and compliant with 44AD; however, if total income exceeds the maximum non-taxable amount subsection 44AD(5) requires books and audit under section 44AB, and failure to follow the presumptive provisions in any of the five succeeding assessment years invokes the five-year disqualification under subsection 44AD(4). (AI Summary)