Return filing U/s. 44AD and switching back to maintaining Books of Accounts
This query is : Resolved
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
26 August 2023
Yes, but tax audit applicable.
26 August 2023
Is tax audit applicable since he is not showing 8% profit or something else?
26 August 2023
Yes, in view of opting out.
26 August 2023
Ok Sir, Thanks for your reply
26 August 2023
You are welcome...
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