22 November 2021
Can a Proprietorship firm doing Software Development business with 20+ employees file returns under section 44AD? Turnover is less than 2 Cr. Will it be considered a profession under 44ADA? or can it be considered 44AD as a business? If 44AD, and if books of accounts are NOT maintained, then how will one answer in case of any query from department?
22 November 2021
So no question of Sec. 44AD; and as per turnover you have crossed 50 lakhs, so sec. 44ADA is also out question. File ITR 3 under regular assessment.
30 December 2021
Noted sir, But for this same case, what would be the limit for Tax audit? Propritorship, Software Development, All transactions are digital.
CAclubindia
