Opting out of section 44ad for business
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 December 2017
Dear all,
my client filed IT Return U/s 44AD for A.Y 2015-16 (turn over below 1 crore)
in A.Y 2016-17 & 2017-18 IT Returns were filed through tax audit (turn over below 1 crore)
Now again they want file their IT return u/s 44ad for A.Y 2018-19 (turn over below 1 crore)
Is it correct, because some one told me if once Opting out from this section, in next 5 years can not avail the 44AD section
please clarify mee
my client filed IT Return U/s 44AD for A.Y 2015-16 (turn over below 1 crore)
in A.Y 2016-17 & 2017-18 IT Returns were filed through tax audit (turn over below 1 crore)
Now again they want file their IT return u/s 44ad for A.Y 2018-19 (turn over below 1 crore)
Is it correct, because some one told me if once Opting out from this section, in next 5 years can not avail the 44AD section
please clarify mee
07 December 2017
It is correct as you have opted out before the rule came in
07 December 2017
Section 44AD(4) says so as you heard.
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