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44AD allowed or not , in this case

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accountant
953 Points Posted on 03 January 2021
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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On 03 January 2021 at 05:17 Report
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Tax consultant
5895 Points Posted on 03 January 2021
File itr 3
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On 03 January 2021 at 07:59
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3924 Points Posted on 03 January 2021
Ones opt out of you presumptive scheme then you can't opt in for 44AD again for 5 years .
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On 03 January 2021 at 08:17
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STUDENT
1631 Points Posted on 03 January 2021
File ITR 4 , Presumptive taxation
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On 03 January 2021 at 14:35
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524 Points Posted on 03 January 2021
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
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On 03 January 2021 at 16:15
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Accountant
4533 Points Posted on 03 January 2021
Yes you can
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On 03 January 2021 at 18:42


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