https://www.taxtmi.com/acts?id=20412 Where an eligible assessee uses the presumptive basis under section 44AD but in any of the five succeeding assessment years declares profit not in accordance with that provision, the assessee loses eligibility for the presumptive regime for the next five assessment years; further, if such an assessee's total income exceeds the basic exemption limit, they must maintain prescribed books and obtain and furnish an audit report as required under the statutory audit provisions. en-us Mon, 29 Feb 2016 16:28:41 +0530 Mon, 29 Feb 2016 16:28:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=20412 Where an eligible assessee uses the presumptive basis under section 44AD but in any of the five succeeding assessment years declares profit not in accordance with that provision, the assessee loses eligibility for the presumptive regime for the next five assessment years; further, if such an assessee's total income exceeds the basic exemption limit, they must maintain prescribed books and obtain and furnish an audit report as required under the statutory audit provisions. Act-Rules Bill Mon, 29 Feb 2016 16:28:41 +0530 https://www.taxtmi.com/acts?id=20412