Section 44ad eligible
This query is : Resolved
Kollipara Sundaraiah
(Querist)
08 July 2020
Assess i.t .return f.y 2016-2017 filed as per section 44ad .f y .2017-2018 and f .y .2018-2019 i.t.returns two years not filed.
Assess f.y.2019-2020 i.t.return section 44ad filed eligible or not.
Assess f.y.2019-2020 i.t.return section 44ad filed eligible or not.
VIKASH KUMAR
(Expert)
09 July 2020
If you are opting for the presumptive scheme, you must-
a. File presumptive scheme for at least 5 years in continuation.
b. If you decide to show and file profits as per regular business (ITR-3) before the end of these 5 years, you will lose presumptive benefits and disallowed from presumptive taxation for the subsequent 5 years.
Please note that 5 years shall be counted starting the year in which you first file usual taxes for such business.
If you did not filed incometax return for f.y 2017-18 & 2018-19 then you may get income tax notice if your income exceeds basic exemption limit
you can continue to opt 44AD and file return accordingly for f.y 2019-20
for more details please contact
VIKASH KUMAR
(CA Final,M.com)
+919716311501
cavikashkumardas@gmail.com
a. File presumptive scheme for at least 5 years in continuation.
b. If you decide to show and file profits as per regular business (ITR-3) before the end of these 5 years, you will lose presumptive benefits and disallowed from presumptive taxation for the subsequent 5 years.
Please note that 5 years shall be counted starting the year in which you first file usual taxes for such business.
If you did not filed incometax return for f.y 2017-18 & 2018-19 then you may get income tax notice if your income exceeds basic exemption limit
you can continue to opt 44AD and file return accordingly for f.y 2019-20
for more details please contact
VIKASH KUMAR
(CA Final,M.com)
+919716311501
cavikashkumardas@gmail.com
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