Section 44AD - Special provisions for computing profits and gains of business on presumptive basis

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..... o a LLP firm . This scheme is not applicable to - The assessee who has claimed any deduction under sections 10A , 10AA , 10B , 10BA , or under any provisions of Chapter VIA (i.e u/s 80-IA to 80RRB ) the relevant AY. a person carrying on profession as referred to in section 44AA(1) a person carrying income in the nature of commission or brokerage a person carrying on any agency business a person wh .....

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..... ceipts in the PY of the assessee shall be deemed to be the profits and gains of such business. The rate shall be 6% of total turnover or gross receipts received by an account payee cheque or account payee bank draft or use of electronic clearing system through a bank account or through such other electronic mode as may be prescribed during the PY or before the due date u/s 139(1) in respect of tha .....

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..... the Financial year. Requirement of maintenance of books of account u/s 44AA and Audit u/s 44AB If eligible assessee declares profits and gains in accordance with the provision of section 44AD, he is not required to maintain books of account u/s 44AA and get them audit u/s 44AB. If the declaring profit on presumptive basis u/s 44AD say, for A.Y. 2024-25 Non - declaration of profit on presumptive b .....

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