Opting for section 44ad
This query is : Resolved
21 August 2019
Dear Experts,
I have a query in respect of section 44AD applicability.
If an assesse's books of accounts are getting audited from last 5 years (not beacause of having turnover exceeding 1 crore but to show profit below 8% of turnover) can he opt for section 44AD for financial year 2018-19?
Turnover for F.Y. 2018-19 is 1,10,00,000 rupees.
Please do suggest.
I have a query in respect of section 44AD applicability.
If an assesse's books of accounts are getting audited from last 5 years (not beacause of having turnover exceeding 1 crore but to show profit below 8% of turnover) can he opt for section 44AD for financial year 2018-19?
Turnover for F.Y. 2018-19 is 1,10,00,000 rupees.
Please do suggest.
Shashikant Varshney
(Expert)
21 August 2019
So for 44AD there is no condition opting previous years. You can opt 44AD.
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