If an assessee fulfills any of the subsequent standards, then they must sustain publications of accounts and get accounts audited below section 44AB:
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Segment 44AD – As per Portion 44AD, where by a taxpayer opts for presumptive taxation scheme for just about any on the financial 12 click here months he is required to carry on to opt for a similar for upcoming five yrs. If he fails to do so, he won't be suitable to opt for presumptive taxation scheme u/s 44AD for 5 decades succeeding the yr in which he opts out. Further more, with respect to These five monetary many years where by taxpayer is ineligible to go with presumptive taxation scheme u/s 44AD, standard textbooks of account must be taken care of and audit shall be conducted if overall revenue exceeds basic exemption Restrict.
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