Return filing U/s. 44AD and switching back to maintaining Books of Accounts
This query is : Resolved
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DIVYESH JAIN
(Querist)
26 August 2023
Dear Sir,
I was filing a return U/s. 44AD from A.Y. 2020-21 where turnover was Rs. 20 lacs and showing profit as 8% . Now for A.Y. 2023-24 his turnover has increased to 1 cr and actual profit is coming to Rs. 5 lacs after adjusting all expenses.
I want to know can I switch back to preparing normal books of accounts and show profit of Rs. 5 lacs as selecting 44AD for filing return will result in higher profit.
Please help me in this matter.
Regards,
Divyesh Jain
I was filing a return U/s. 44AD from A.Y. 2020-21 where turnover was Rs. 20 lacs and showing profit as 8% . Now for A.Y. 2023-24 his turnover has increased to 1 cr and actual profit is coming to Rs. 5 lacs after adjusting all expenses.
I want to know can I switch back to preparing normal books of accounts and show profit of Rs. 5 lacs as selecting 44AD for filing return will result in higher profit.
Please help me in this matter.
Regards,
Divyesh Jain
CA R SEETHARAMAN
(Expert)
26 August 2023
Yes, but tax audit applicable.
DIVYESH JAIN
(Querist)
26 August 2023
Is tax audit applicable since he is not showing 8% profit or something else?
CA R SEETHARAMAN
(Expert)
26 August 2023
Yes, in view of opting out.
DIVYESH JAIN
(Querist)
26 August 2023
Ok Sir, Thanks for your reply
CA R SEETHARAMAN
(Expert)
26 August 2023
You are welcome...
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