23 October 2020
Respected Sir, Kindest regards to you. Please guide me and oblige.
Total Sales Rs 1,14,62,383 6% Net Profit will arrive as at Rs 687,643 under section 44-AD Tax Liability will arrive as at Rs 52 Thousand approximately
As a matter of fact maximum profit will remain in between 3% to 4% and in such case if we choose tax audit for the assessment year 20-21 year ending March 20
whether we will have to remain in tax audit category for all the coming 5 years whether for all the coming 5 we wont be able to come back again in 44-AD category
24 October 2020
Suppose for example, if u select 44AD this year and next year if u select as an under audit category, then afterwards for 5 yrs u will not be eligible for 44AD category. Once u select 44AD category u have to remain there for 5 yrs or else u will be disqualified to take benefit of 44AD for next 5yrs.
CAclubindia
