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44AD APPLICABILITY NECESSARY
I am in a profession and my gross receipts are less rhan 50 lac i dont want to show my income u/s 44 ADA .is it possible not to show income as per 44 ADA and if i dont show then audit is compulsory.and let me know the relevant sections also
Replies (5)
NOT MANDATORY TO OPT FOR SEC. 44ADA.
YOU CAN DECLARE THE INCOME UNDER NORMAL ASSESSMENT IN ITR3
BUT REFER TO SEC. 44AB(d), YOU NEED TO DECLARE AT LEAST 50% PROFIT MARGIN, IF YOUR PROFESSION IS ELIGIBLE FOR SEC. 44ADA.
In ay 20-21 44ada was applicable on partnership firm also
Yes, it is still applicable over partnership firm. Only HUF has been removed from the act...
In ay 20-21 i have partnership firm having turnover 30 lac and showed income 3 lac and filed itr not in 44 ada.is it ok?
If the business code that was specified in ITR do not relate to sec. 44ADA, then it OK.
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