Can a Proprietorship firm doing Software Development business opt 44AD
This query is : Resolved
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?
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
Whether the software is developed as per customer's requirement?
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22 November 2021
It means the customers must be deducting TDS u/s. 194Jb?
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.
File ITR 3 under regular assessment.
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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.
30 December 2021
For professional income the tax audit limit is Rs. 50 lakhs.
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