https://www.taxtmi.com/article/detailed?id=5416 Section 44AA requires maintenance of specified books of accounts where business or professional receipts or income exceed prescribed thresholds, with records retained for six years. Section 44AB mandates tax audit when business turnover or professional receipts exceed set limits or when presumptive taxpayers declare income below statutory rates and total income exceeds the exemption limit; turnover aggregation rules and audit deadlines apply. Section 44AD offers a presumptive taxation option for eligible taxpayers to declare a fixed percentage of gross receipts as income, waiving routine accounting and audit unless declared income is below the prescribed percentage and total income exceeds the exemption threshold, and imposes limits on deductions and carry forward of losses. en-us Fri, 03 Jan 2014 18:41:58 +0530 Fri, 03 Jan 2014 18:41:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=5416 Section 44AA requires maintenance of specified books of accounts where business or professional receipts or income exceed prescribed thresholds, with records retained for six years. Section 44AB mandates tax audit when business turnover or professional receipts exceed set limits or when presumptive taxpayers declare income below statutory rates and total income exceeds the exemption limit; turnover aggregation rules and audit deadlines apply. Section 44AD offers a presumptive taxation option for eligible taxpayers to declare a fixed percentage of gross receipts as income, waiving routine accounting and audit unless declared income is below the prescribed percentage and total income exceeds the exemption threshold, and imposes limits on deductions and carry forward of losses. Articles Income Tax Fri, 03 Jan 2014 18:41:58 +0530 https://www.taxtmi.com/article/detailed?id=5416