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Applicability of sec 44ad

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Querist : Anonymous

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Querist : Anonymous (Querist)
05 August 2013 Dear experts, one of the client individual dealing real estate, has sold the plots to various people to the tune of Rs.75 lacs, in the previous asst. year the sales was 1.5cr.
Now shall he file under sec 44AD declaring the proft @ 10%
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
08 August 2013 Each year is a separate year. Tax audit applicability will be checked for each year separately.
In the current year the turnover does not exceed Rs. 1 crore. Accordingly he is an eligible assessee u/s 44AD and can file ITR 4S.
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