A client has shown his income under 44ad in FY 15 16...shwng net profit of minimum 8%....
later in FY 16 17,he went intoo audit bcz he had shwn net profit of 6% ..
Now in Fy 17 18 he has net profit of 8.06%.So can he again opt for 44ad..or he has to go into tax audit by maintaining books of acs.???
please clear
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44AD(4)
Replies (2)
He Can adopt for section 44AD if his Gross reciept is less than Rs. 2 cr. However 5 Year lock in period must be considered while taking decision to avail benefit of section 44 AD.
Gross receipts are less than 2cr.
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