Section 44AB read with 44ADA
This query is : Resolved
28 November 2021
An assessee - a professional - having yearly gross receipts above 50 lakhs has been filing his Returns for the last so many years under 44AB. Now his gross receipts fell down to Rs 47 lakhs for the previous year 20-21 ie AY 21-22 and he likes to adopt section 44ADA for this year. Is there any provision in the Act that prevents him from choosing 44ADA ?
28 November 2021
No restriction.
He can declare it u/s. 44ADA in any PY.
He can declare it u/s. 44ADA in any PY.
29 November 2021
Thank you very much sir for sharing your knowledge and wisdom
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29 November 2021
MY PLEASURE ....
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