44ADA(4) says that a professional if his turnover is less than 50 Lacs and wants to declare less than 50 % profit has to do audit.
I have prepared books of a professional and have done audit in 3CD.
The problem is, i am using computax software and i have done the following
- added balance sheet in general information
- added depreciation
- in general information, added nature of business as 44ADA
- in audit information, shown the respective tick as presumptive under 44ADA
the problem is,
- do i declare the business as "44ADA" in nature in which case computax does not let me save profit less than 50%.
- if i add normal business, then computation says that nature of business is 44ada but no income declared in 44ADA
my question is,
how to file 44ADA(4) ITR with audit. do i declare it as normal business or 44ada but less than 50% profit?
my turnover is 22 lacs. client is earning foreign income from upwork/fiverr etc as business consultant. (and does not want to pay income tax at 50% tax)
i am assuming i have to file ITR3?
CAclubindia
