Presumptive taxation

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MINAL (Querist)
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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

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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14 June 2019 Yes, allowed. 44AB audit applicable if you declare less than 50% profit.

MINAL

MINAL (Querist)
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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 ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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14 June 2019 Yes you are right..............

MINAL

MINAL (Querist)
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16 June 2019 Thank u so much sir.....................

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