Income tax
This query is : Resolved
28 November 2016
Once IT Return file under 44 AD it is mandatory to continue to file return under 44 AD for 5 Year?
if not file return under 44 AD which are the problem face assesse in future...
if not file return under 44 AD which are the problem face assesse in future...
28 November 2016
It is, once you have opted for 44AD in one or more years and in the next year you come out of 44AD, you can't opt for 44AD next 5 years.
If you maintain the accounts you will not face any problem if you come out of 44AD.
If you maintain the accounts you will not face any problem if you come out of 44AD.
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28 November 2016
Some where read if you opt out from 44 AD if income exceed chargeable to tax (i.e More Than 250000) than Audit is requier uder It act. ?
28 November 2016
Yes you are right tax audit is required when you declare less than 8 % profit.
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28 November 2016
you are right sir but just refer Income Tax article about 44 AD the stated that..
If assessee opt out from 44 AD he is required to keep and maintain books of account and he is also liable for tax audit as per section 44AB from the AY in which he opts out from the presumptive taxation scheme. [If
his total income exceeds maximum amount not chargeable to tax]
Follow below link page number 4
https://www.incometaxindia.gov.in/tutorials/13.%20tax%20on%20presumptive%20basis%20in%20case%20of%20certain%20eligible%20businesses.pdf
If assessee opt out from 44 AD he is required to keep and maintain books of account and he is also liable for tax audit as per section 44AB from the AY in which he opts out from the presumptive taxation scheme. [If
his total income exceeds maximum amount not chargeable to tax]
Follow below link page number 4
https://www.incometaxindia.gov.in/tutorials/13.%20tax%20on%20presumptive%20basis%20in%20case%20of%20certain%20eligible%20businesses.pdf
28 November 2016
The above view is right, in view of people opting out to declare less than 8% profit. If you declare 8% profit, tax audit not applicable unless turnover exceeds 1 crore.
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