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Return filing U/s. 44AD and switching back to maintaining Books of Accounts

This query is : Resolved 
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(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
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
26 August 2023 Yes, but tax audit applicable.
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DIVYESH JAIN

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DIVYESH JAIN (Querist)
26 August 2023 Is tax audit applicable since he is not showing 8% profit or something else?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
26 August 2023 Yes, in view of opting out.
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DIVYESH JAIN

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DIVYESH JAIN (Querist)
26 August 2023 Ok Sir, Thanks for your reply
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
26 August 2023 You are welcome...
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