Section 44ADA OPTING OUT
This query is : Resolved
19 January 2022
DEAR SIR I AM A PROFESSIONAL HAVING GROSS FEES COLLECTON OF Rs 16 lakhs. IN THE PAST YEARS I USED TO FILE RETURNS U/S 44ADA OFFERING 50% OF FEES AS INCOME. BUT NOW I WANT TO KEEP ACCOUNTS AND SHOW LOWER INCOME. MY ACCOUNTS SHOW THAT MY NET INCOME FROM PROFESSION IS BELOW 50% OF GROSS FEES. CAN I OPT OUT OF 44ADA AND FILE RETURN WITH BALANCE SHEET /P&L ACCOUNTS - UNAUDITED - THANK YOU
19 January 2022
You can file return with P&L acc & BS, but as you are eligible for sec. 44ADA and declaring income less than 50%, you need to submit audit report u/s. 44AB(d) of IT act.
19 January 2022
THANK YOU SIR - EXCUSE ME FOR ASKING SUCH A QUESTION WHICH I SHOULD HAVE AVOIDED - AGAIN SORRY
19 January 2022
No Sir, its ok. You can ask any query without hitch. It helps to clear doubt for everyone, even who comes across the post anytime in future.
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