in assesememt year 2018 19 turnover was 10 lakhs and 44AD adpoted in assessment year 2019 20 turnover was 80 lakhs and audit was done now in assesemt year 2020 21 turnover is 60 lakhs can we adopt 44AD now?
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Quick Summary
This discussion clarifies the eligibility for Section 44AD, a presumptive taxation scheme. If you've previously opted out of the scheme, especially after an audit, you generally cannot re-adopt it for five assessment years. The content also touches upon the implications of showing a profit in a subsequent year after initially selecting the 44AD option, which can also restrict its use for five years.
Us 44ad once you show profit of any assessment year succeeding the assessment year in which you first selected that option you cant show your income as per this section until 5 years