ITR PRESUMPTIVE SCHEME
This query is : Resolved
21 December 2021
I HAVE DECLARED MY INCOME UNDER PRESUMPTIVE SCHEME UNDER SEC 44AD FOR THE AY 2021-22 BY OPTING ITR 3. WHETHER CAN I OPT TO DECLARE THE INCOME OTHER THAN PRESUMPTIVE BASIS FOR THE AY 2022-23? IS THERE ANY LOCK IN PERIOD FOR THE 5 SUBSEQUENT ASSESSMENT YEARS IF I DECLARED INCOME UNDER PRESUMPTIVE BASIS FOR THE AY 2021-22 IN ITR FORM 3. WHETER I NEED TO MAINTAIN BOOKS AND GET IT DONE AUDITED IF I WANT TO DECLARE INCOME OTHER THAN PRESUMPTIVE BASIS FOR THE AY 2022-23?
CAN ANYONE PLEASE CLARIFY ON THIS?
CAN ANYONE PLEASE CLARIFY ON THIS?
21 December 2021
It is advisable to declare the income under sec. 44AD for at least five years.
Yes, lock in period is there for continuous 5 years declaration under the scheme; otherwise audit may be applicable with certain other conditions. If income declared is more than 6/8 %, it is presumed to be declared under the same mode.
Yes, lock in period is there for continuous 5 years declaration under the scheme; otherwise audit may be applicable with certain other conditions. If income declared is more than 6/8 %, it is presumed to be declared under the same mode.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Itr 1 processing
- Reporting Income under Section 44ADA
- Off Market debit and credit transaction
- ITR 2 Short Term gain & Long term gain
- ITR returnFY25-26
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Short Term Capital gain on shares bought and sold after 2018 onwards
- ITR validation error - Balance sheet is not filled
- ITR 1: Details for showing Exempt Income
- Share accounting-->fifo - capital gain - period as per fifo?
- Registration as Authorised Representative of minor
- Article ship defecit
- Bank Accounts in Balance Sheet for ITR 3
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
