It is to be further noted here that section 44AD(5) also contains no abstante clause it also starts with the words "Notwithstanding anything contained in the foregoing provisions of this section....". Thus if an assessee doesnot declare income u/s 44AD i.e lower than 8% and his total income exceeds exempted limit then not only he will have to maintain regular books of accounts u/s 44AA and get them audited u/s 44AB, but the provisions of advance tax and provisions from section 28 to 43C will also be applicable.
Some important case laws:
Income declared u/s 44AD- Assessee not liable to explain each entry of cash deposit:It has been held by Hon'ble Punjab & Haryana High court in CIT v. Surinder Pal Anand, that where the assessee has declared his income u/s 44AD(Presumptive Income scheme) then addition cannot be made on the basis of cash deposits in the bank account, if such cash deposit correlates with the gross receipts of the assessee. In my view this Judgement should also apply to other presumptive income sections like Section 44AF,44AE, 44AD(new) etc.
Similar Facts came in the case of Brij Lal Goyal v. ACIT  88 ITD 413 (Del.), wherein it was held that the additional sales found as a result of search, was not recorded in the books of accounts regularly kept in the cource of business by the appellant. Merely because the appellant accepted the additional sales for the purpose of assessment of the relevant year on the basis of entries in the seized documents, the same would not constitute accounts of the appellant maintained in the regular course of business and on that basis alone liability cannot be fastened on the assessee by holding him to have committed the default.