Filing return under Section 44AD and 44ADA
This query is : Resolved
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DIVYESH JAIN
(Querist)
02 December 2021
Dear Sir,
One of my client is into a Boutique business and has been filing ITR-3 and submitting his Balance sheet till the last return filed 31.03.2020.
His Gross turnover is around Rs. 8 lacs from the business. The income is earned in cash and he deposits the cash into Bank. Some amount is received through NEFT.
Can he file return under Section 44AD or 44ADA and file ITR-4 under presumptive Taxation scheme instead of preparing accounts and filing ITR-3.
Please help me in this matter.
Regards,
Divyesh Jain
One of my client is into a Boutique business and has been filing ITR-3 and submitting his Balance sheet till the last return filed 31.03.2020.
His Gross turnover is around Rs. 8 lacs from the business. The income is earned in cash and he deposits the cash into Bank. Some amount is received through NEFT.
Can he file return under Section 44AD or 44ADA and file ITR-4 under presumptive Taxation scheme instead of preparing accounts and filing ITR-3.
Please help me in this matter.
Regards,
Divyesh Jain
Dhirajlal Rambhia
(Expert)
02 December 2021
Yes, can opt for sec. 44AD of IT act.
DIVYESH JAIN
(Querist)
02 December 2021
Ok, Thanks for your reply
Dhirajlal Rambhia
(Expert)
10 December 2021
The pleasure is mine ....
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