​ What provisions will apply if a person does not opt for the presumptive taxation scheme of section 44AE and declares his income at a lower rate?

A person can declare his income at lower rate (i.e., less than Rs. 7,500 per goods vehicle per month).However, if he does so, then he is required to maintain the books of account as per the provisions of section 44AA and has to get his accounts audited under section 44AB​. ​