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

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This query is : Resolved

gunasekhar (Querist)

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)

23 July 2018 Tax audit not applicable in case of no taxable income

gunasekhar

gunasekhar (Querist)

23 July 2018 Thank you sir

gunasekhar

gunasekhar (Querist)

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)

23 July 2018 Next 5 years including the current one you can't opt 44AD.

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