Sir,
A person it returns filed professional income sec 44ada provision in f.y.20-21.person accounting records maintained tally software used.
Question:
1.assess all ledgers and daybook and cash book and print-out copies make a book compulsory
2.save tally data backup only.
A person filing under 44ADA is not required to maintain books of accounts as per Income Tax Act. However you need to check if GST is applicable and in that case records are to be maintained.
Further, as per Supreme court order ITO can only validate sales records and not any expense so in that case too sales records must be maintained.
JOIN LARGEST DISCUSSION PLATFORM
Sign up to discuss taxation, accounting and finance topics with experts from all over India.
Join Discussion
