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44ad ( case )

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16 August 2019 FY 2017-18 turnover Rs.1.31 core individual return of income was filed by tax audit due to net profit less than 8% ( 44ad case ). FY 2018-19 turnover Rs.50.00 lakhs net profit Rs.5.00 lakhs which is more than 8% if return of income filed u/s 44AD five years blocked to file u/s 44AD. FY 2019-20 turnover will be estimated Rs.1.25 core but net profit will be less than 8% to be tax audited. (i) can we file return of income FY 2018-19 without tax audit in ITR 3 with profit and loss account and balance sheet instead of filing ITR 4 u/s 44AD (ii) can we file return of income FY 2019-20 by tax audit without block period or it will be filed compulsory u/s 44AD by adopting income more than 8%
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
17 August 2019 (i) You can file return of income FY 2018-19 without tax audit in ITR 3 with profit and loss account and balance sheet instead of filing ITR 4 u/s 44AD
(ii) You can file return of income FY 2019-20 by tax audit without block period.

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