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Sec 44ad urgent

This query is : Resolved 
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22 July 2013 One of the assesse was filing return u/s 44AD for the past two assessement years declaring an income from business at the rate of 10.14% Now the assesse wants to quit the scheme and wants to file under normal provisions, he has turnover of rupees 18 lakhs.Can he do so? If yes what will be the consequense ? Advise required
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CA UMESH DULAL

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CA UMESH DULAL (Expert)
22 July 2013 Yes he can opt out of scheme and to file ITR 4 and have to declare profit @8% or above
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