Section 44AD
This query is : Resolved
11 November 2020
If an assessee engaged in business filed has turnover of rs.62 lacs ,he files his return under 44AD for AY 17-18.In AY 18-19, he filed his return under section 44AB(Tax Audit) with turnover of 80lacs.
In AY 19-20, his turnover crossed rs.1.02 crores,but he filed ITR 3 without tax audit.He received notice from IT Dept asking for tax audit.
What should the assessee do in this scenario.
Can he choose to go for Section 44AD for AY 18-19 and revise his return.???
Can he choose to be under Section 44AD for AY19-20, 20-21,21-22,22-23 as per conditions laid down in section 44AD ( 5 Years restriction).
Kindly guide me.
In AY 19-20, his turnover crossed rs.1.02 crores,but he filed ITR 3 without tax audit.He received notice from IT Dept asking for tax audit.
What should the assessee do in this scenario.
Can he choose to go for Section 44AD for AY 18-19 and revise his return.???
Can he choose to be under Section 44AD for AY19-20, 20-21,21-22,22-23 as per conditions laid down in section 44AD ( 5 Years restriction).
Kindly guide me.
CA R SEETHARAMAN
(Expert)
12 November 2020
No, he can't revise return opting for 44AD. 5 years restrictions applicable.
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