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44ADA taxability

252 views 7 replies

riddhi

student

85 Points Joined August 2011

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

Replies (7)

Ashwin Kumar

1234 Points Joined August 2017

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

riddhi

student

85 Points Joined August 2011

service has been discontinued

Ashwin Kumar

1234 Points Joined August 2017

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.....

riddhi

student

85 Points Joined August 2011

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??