Section 44ad

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raghavendra b (Querist)

09 April 2018 Dear Sir,

One of my client filed income tax return 3 years continuously u/s 44ad declaring 8% of total turnover, last three years the total turnover was below 1crore rupees. for the financial year 2017-18, turnover exceeds more than 1crore, now i can t declare 8% on total turnover now i want declare lower profit and to file income tax returns audited by the CA. please suggest me can i file income tax return u/s 44AB

REGARDS

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)

09 April 2018 Yes, 44AB can be opted.

CA Suresh Jain

CA Suresh Jain (Expert)

09 April 2018 The assesse can get the accounts maintained by him audited and file the return for Profit less than provided for in section 44AD. Accounts are required to be matinained as pr section 44AA

Nikhil Kaushik

Nikhil Kaushik (Expert)

09 April 2018 please note that 44AD is applicable upto 2 cr. So if the turnover has not exceeded Rs 2 cr, you can still continue with 44AD

RAJA P M

RAJA P M (Expert)

09 April 2018 Yes...
U/s 44AD the T/O limit Rs. 2cr. If you will continue with sec 44AD then no more restriction upto 2crores.

In case you don't want opt sec 44AD then go to maintain books of accounts as per sec 44AA and Contact nearest CA. He will guide you as per sec 44AA & 44AB...

GOOD LUCK

raghavendra b

raghavendra b (Querist)

09 April 2018 THANKS FOR ALL KIND REPLIES, BUT ASSESEE CANT DECLARE 8%, HE WANTS TO DECLARE LOWER PROFIT PREVIOUS YEAR HE HAS PAID MORE THAN 75000 RUPEES INCOME TAX BECAUSE OF TIME LIMIT WAS SHORT. THEN HE REQUESTED ME TO DECLARE LOWER PROFIT BECAUSE PREVIOUS YEARS DECLARED PRESUMPTIVE INCOME WITHOUT BOOKS OF ACCOUNTS MAINTAINED.

REGARDS
THANKS FOR ALL

RAJA P M

RAJA P M (Expert)

09 April 2018 If Assessee want declare lower profit except based on sec 44AD then go to opt u/s 44AA with 44AB...

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