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Consequences of return filing procedure shifing from 44ab to 44ad
The assessee being a partnership firm previously filed the return of income under 44AB and now wants to file the return under 44AD as the turnover is less than Rs 1 Crore and net profit is more than 8%. Please suggest me regarding the same.
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As of my knowledge,there is no rule that once assessee has complied 44AB,he shall comply every year.Suppose he has complied 44AB in year-1 and the very next year his turnover is less than 1 crore he may free to opt 44AD.but you shold consider 44AA.
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