Presumptive taxation
This query is : Resolved
13 June 2019
Hello
Our client had opted for presumptive taxation in last 2 years I.e As yr 2017-18 and 18-19 u/s 44ADA (ARCHITECT). Now if we want to opt out in this year I.e. As.yr 19-20, is it allowed and if yes then do we have go for compulsory Audit us. 44AB . Turnover is around 25 lacs.
Thanks
Our client had opted for presumptive taxation in last 2 years I.e As yr 2017-18 and 18-19 u/s 44ADA (ARCHITECT). Now if we want to opt out in this year I.e. As.yr 19-20, is it allowed and if yes then do we have go for compulsory Audit us. 44AB . Turnover is around 25 lacs.
Thanks
14 June 2019
Yes, allowed. 44AB audit applicable if you declare less than 50% profit.
14 June 2019
Thank u so much sir.... that means if I declare more than 50% profit then I can file normal business return without Audit . Correct ?
14 June 2019
Yes you are right..............
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