26 July 2019
If we choose 44-AD this year for ITR-5 for the Ay 19-20, whether we will have to continue 44-AD for the next five years i.e. upto Ay 23-24 ?
26 July 2019
No its not mandatory but in next AY if you choose normal taxpayer instead of Presumptive, then in subsequent years (remaining 5 years block) again you cannot adopt 44AD.
27 July 2019
Yes... If You are opt sec 44ad in AY 19-20 then You will continue the same to next 4years...
In case you will opt out from the sec then Audit is applicable & You can't opt next five AY.
29 July 2019
and if by the way the next year we choose normal category and nett profit arrives as at 2%m whether we will have to get the books audited ?
29 July 2019
In Ay 18-19 the return was filed u/s 44-AD but in Ay 19-20 the net sales turnover has arrived as at Rs 2 crores as against which net profit has arrived as at Rs 4 lacs @ 2%.What should I do in such situation ? Please guide me and oblige.
CAclubindia
