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Section 44ad eligible

This query is : Resolved 

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.


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


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