Section 44ada
This query is : Resolved
Kaustubh Raut
(Querist)
10 June 2017
As per 44ADA, professionals can file return by offering 50% income.
If my income for two consecutive year is below 50 lacs and In first year I filed return u/s 44ADA and thereafter wants to file return by offering income below 50% with tax audit. Can I do so???
Is there any compulsion that once I filed return under presumptive taxation scheme, then must filed under same section for say at least 3 to 5 years?
If my income for two consecutive year is below 50 lacs and In first year I filed return u/s 44ADA and thereafter wants to file return by offering income below 50% with tax audit. Can I do so???
Is there any compulsion that once I filed return under presumptive taxation scheme, then must filed under same section for say at least 3 to 5 years?
CA R SEETHARAMAN
(Expert)
10 June 2017
You can do so but for next 5 years you can't opt for 44ADA.
Kaustubh Raut
(Querist)
14 June 2017
Thanks sir for your clarification.
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