Cash Deposits under Presumptive Taxation-Attract Sec 68/69A?
Cash Deposits under Presumptive Taxation—Whether Attract Section 68 or 69A? Cash deposits under presumptive taxation schemes (Sections 44AD, 44ADA, & 44AE) and their implications u/s68 of the Income Tax Act. Section 44AD/ADA/AE allows eligible businesses and professionals to declare profits on a presumptive basis, thereby exempting them from maintaining books of accounts u/s44AA, provided they …