Applicability of section 44AB & 44AD for AY 2018-19

This query is : Resolved

gunasekhar (Querist)
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22 July 2018 An Individual/Firm carrying on business/profession whose turnover does not exceeds ₹ 1 crore and incurred loss in the previous year. Whether Individual/Firm have to get his accounts audited,if i cannot opt under 44AD/44ADA? Please suggest me.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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23 July 2018 Tax audit not applicable in case of no taxable income

gunasekhar

gunasekhar (Querist)
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23 July 2018 Thank you sir

gunasekhar

gunasekhar (Querist)
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23 July 2018 For last 4 years I applied Section 44AD and for current year I was filed under above scenario (An Individual/Firm carrying on business/profession whose turnover does not exceeds ₹ 1 crore and incurred loss in the previous year.) Can I adopt section 44Ad for next year if applicable?bcse I cannot adopted section 44AD in the 5th year

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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23 July 2018 Next 5 years including the current one you can't opt 44AD.

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