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44AB of income tax
Sir...one client turnover exceed 1 cr for the f.y 2020 -21. up to this year his returns filed u/s 44AD...now question is he is eligible to file u/s 44AB or not...please
Replies (7)
Quick Summary
Yes 44AD can be opted as turnover is less than 2 crores rupees
You cannot go for 44AB as turnover is below 2 crore so proviso to 44AB cannot apply. But you can furnish books of accounts and file ITR 3.
Thank you for your kind reply sir... but net profit is less then 8%...how i can file sir...please
Your query did not mention the profit percentage. You can get yourself audited. and next 5 years also you cannot go for 44AD
Thank you very much sir....
You can fule under 44AB, but for next 5 year you can't opt for 44AD..
If profit is less than 8% then tax audit is applicable
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