44AD Availability

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CA
115 Points Posted on 20 August 2023
Current Year - Turnover: 15 Lacs , Net Profit: 8 Lacs but ITR 3 filed & books of accounts maintained. Can next year we can opt 44AD ?
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On 20 August 2023 at 23:55 Report
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Quick Summary
This discussion clarifies the availability of Section 44AD for businesses. Even if you've filed ITR 3 and maintained accounts with a turnover of 15 Lacs and profit of 8 Lacs, you can opt for 44AD next year. However, be aware that once you choose 44AD, there's a five-year restriction on its usage.

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"Do the Right Thing...!!!"
128157 Points Posted on 21 August 2023
Yes You can opt 44ad in next year.
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On 21 August 2023 at 15:23
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Profession
28271 Points Posted on 21 August 2023
44Ad availability is special and can be used . itr 3 filed and books of accounts maintained.
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On 21 August 2023 at 19:34
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"Do the Right Thing...!!!"
128157 Points Posted on 21 August 2023
Very bad reply Mr Sabyasachi...
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On 21 August 2023 at 20:00
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CFO- at NHTF
58280 Points Posted on 24 August 2023
You may opt for 44AD from next year there is no restriction.

But once you opt 44AD , you have 5 years restriction
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On 24 August 2023 at 07:29

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