https://www.taxtmi.com/forum/issue?id=107877 Section 44AD requires that an eligible assessee who declares income below the presumptive benchmark and whose total income exceeds the basic exemption threshold must maintain books of account and have them audited; if the total income remains below the basic exemption threshold, those statutory bookkeeping and audit obligations do not apply on their face. The text raises consequential questions about scrutiny powers, record production, penalty exposure for non-audit, and the correct return form for a proprietary assessee with only business income. en-us Mon, 19 Jan 2015 17:26:53 +0530 Thu, 23 Jan 2025 15:57:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=107877 Section 44AD requires that an eligible assessee who declares income below the presumptive benchmark and whose total income exceeds the basic exemption threshold must maintain books of account and have them audited; if the total income remains below the basic exemption threshold, those statutory bookkeeping and audit obligations do not apply on their face. The text raises consequential questions about scrutiny powers, record production, penalty exposure for non-audit, and the correct return form for a proprietary assessee with only business income. Discussion-Forum Income Tax Mon, 19 Jan 2015 17:26:53 +0530 https://www.taxtmi.com/forum/issue?id=107877