Tax Audit or Declare U/S.44AD

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This discussion addresses whether an individual with a turnover of £1.87 Crore, where cash transactions exceed 5% of the total turnover for FY 2022-23, can declare their income under Section 44AD. The consensus is that declaration under Section 44AD is possible, provided all other conditions for the section are met. Further details and conditions can be found via the provided income tax link.

Mahabir Prasad Agarwal

Mahabir Prasad Agarwal (Querist)
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28 September 2023 My total turnover is 1,87 Crore with cash turnover more than 5% of the turnover during FY 2022-23. May I declare income U/S.44AD ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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28 September 2023 Yes, you can declare income u/s 44AD.

Aashok Kumar Sharma

Aashok Kumar Sharma

(Expert)
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28 September 2023 Need to check on other conditions as well

https://incometaxindia.gov.in/tutorials/13.%20tax%20on%20presumptive%20basis%20in%20case%20of%20certain%20eligible%20businesses.pdf

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