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TAX AUDIT us 44AB TO 44AD

This query is : Resolved 
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(Querist)
02 October 2020 The Assessee is getting his Books of Accounts Audited u/s 44AB from AY 2014-15 TO AY 2019-20.
In Ay 2020-21 the Firm business is Closed and Firm's Turnover is quite less than limits mentioned u/s 44AB.
Can he file his ITR U/s 44AD?
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CA Kushwanth AVSR

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CA Kushwanth AVSR (Expert)
03 October 2020 Yes, you can file return u/s 44AD if your business is eligible business for section 44AD.
As the assessee is closing business, 5 years lockin period issue in 44AD is also not applicable.
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C.A. Mayur J. Raiyani

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C.A. Mayur J. Raiyani (Expert)
03 October 2020 Yes you can file if you fall within meaning of eligible assessee as specified in 44AD
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