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44AD--recent amendment
my firm in the last a.y 17-18 had a T.O of 4lakhs and i choose 44AD to compute business income,in the current year,the T.O is nil.can i opt for 44AD? and incase its not applicable then can i not choose 44AD in the next year,because of recent changes in applicability of 44AD?
Replies (7)
If you have not closed your business, just in continuation show some turnover u/s. 44AD, to safeguard against any future litigation.
my question is whether i can show 44AD for next yr,if i dont use 44AD in current year
Yes, but difficult to justify when business is not closed, having nil turnover.
ok,thank you sir.
Most Welcome ...
you can't declare as per 44ADA for next 5years if you not declare as per 44ADA in current year
ok,thanks.
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