Section 44AB read with 44ADA

This query is : Resolved 
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This discussion addresses whether a professional, previously filing under Section 44AB of the Income Tax Act, can switch to Section 44ADA. The individual's gross receipts dropped below the threshold for 44AB, making them eligible for 44ADA. The consensus is that there is no restriction preventing this switch in the current financial year.

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(Querist)
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 ?
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
28 November 2021 No restriction.
He can declare it u/s. 44ADA in any PY.
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Peter Pamatthai

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Peter Pamatthai (Querist)
29 November 2021 Thank you very much sir for sharing your knowledge and wisdom
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
29 November 2021 MY PLEASURE ....
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