Section 44AD applicability if last year tax audit done
This query is : Resolved
03 November 2023
A Partnership firm set up in the year 2019 did not opt for 44AD from FY 19-20 to FY 22-23. For FY 22-23 turnover is more than 2cr and maintained books of accounts till FY 22-23. Can it opt for section 44 AD in FY 23-24 (AY 24-25) if its turnover is less than 3 crores?
03 November 2023
Yes it can opt for 44AD in case the total cash receipt not to exceed 5%.
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