44ADA taxability


riddhi (student)     12 May 2019

riddhi
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one of my client had apdopted
44ada for fy 17-18 for technical consultancy , now in fy 18-19 he had stopped this business and he is studying from fy 18-19 now what will be consequence if i do not show 44ada income . Does he need to get his books of account
audited as he is not continuing 44ada for 5 years ?? please help

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Ashwin Kumar   12 May 2019

Ashwin Kumar

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has the service been discontinued or is the client still in an idea to resume providing services after a small time

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riddhi (student)     12 May 2019

riddhi
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service has been discontinued

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Ashwin Kumar   12 May 2019

Ashwin Kumar

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no need of auditing books of accounts...books need to be audited if profit shown less than the limit specified under 44ab or gross receipts are above the limit specified in 44ada.....

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riddhi (student)     12 May 2019

riddhi
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Thanks for reply sir ...He is in 4th year IIT and last year he did not had any income apart from some money from fd s is it will be ok if Itr will be filed showing other sources income only and no Business income??

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Ashwin Kumar   12 May 2019

Ashwin Kumar

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in the absence of income there will be no tax liability on it...you can proceed with iOS..

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Gaurang D Patel (Article)     12 May 2019

Gaurang D Patel
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if think so i can't claim 44ada for next 5 years as per the new provision introduce in act..

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riddhi (student)     12 May 2019

riddhi
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Thanks for reply Ashwin sir...and Gaurang sir..and yes and he is in no plan to continue technical consultancy as he want to pursue job

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