My client was filed income tax return u/s 44AD for AY 2018-2019 & AY 2019-2020.
Now for AY 2020-2021 I want to file regular return without tax audit (i.e. not u/s 44ad) and i will show the profit more than 44ad calculation (i.e. more than 6% for other than cash sales and more than 8% for cash sales ) now i am declared the profit according to sec 44ad(1) in regular return.
is this eligible? correct or not?
I opt from 44ad before 5th year but i show the profit according to sec44ad(1) in the present year.
28 October 2020
Yes, this is eligible and correct. By continuing opting 44AD you can declare more profit as proposed, you will be relieved of maintaining books of accounts.
28 October 2020
sir i am not continued in 44ad i optout from 44ad in AY 2020-2021 and file the regular return without tax audit but i declare the profit more than as per 44ad calculation.
CAclubindia
