ITR Section 44AD & 44AB
This query is : Resolved
15 August 2022
Dear Sir,
Financial Year 2019-20 We have filed ITR under section 44AD declare profit 8%. In Financial year 2020-21 Turnover is Rs.45 Lacs and profit is 4.6% Filed the ITR after audit under section 44AB. Financial year 2021-22 Turnover is Rs.73 Lacs Profit is 8.34% Can we go for 44AD or need to audit please suggest.
Financial Year 2019-20 We have filed ITR under section 44AD declare profit 8%. In Financial year 2020-21 Turnover is Rs.45 Lacs and profit is 4.6% Filed the ITR after audit under section 44AB. Financial year 2021-22 Turnover is Rs.73 Lacs Profit is 8.34% Can we go for 44AD or need to audit please suggest.
15 August 2022
Not eligible for sec. 44AD of the act now. Need to audit u/s. 44AB(e) of IT act for continuous 5 years after opting out of sec. 44AD, provided the total income exceeds the basic exemption limit.
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15 August 2022
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