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ITR PRESUMPTIVE SCHEME

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This query is : Resolved

Puneeth K (Querist)

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?

Dhirajlal Rambhia

Dhirajlal Rambhia

(Expert)

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.

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