I have been showing income u/s 44AD since 17-18, but i haven't shown income from business in AY21-22 & again started showing income u/s 44AD from AY22-23.
So, my query is whether I am liable to show income u/s 44AD until next 5 yrs, or is this the last year for 44AD?
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Applicability of Presumptive taxation
Replies (6)
Quick Summary
Hope you had no business income in FY 2020-21.
In that case, AY 2022-23 is 5th year in continuation...
I didn't had any business income in FY20-21
I think there's no bar in filing ITR under 44AD
As said earlier, you are not required to continue it till next 5 years, but filing u/s. 44AD is mandatory for current year, otherwise tax audit will be applicable.
Is the tax under presumptive section for a partnership applied within the partnership and is tax free once transferred to the partners account?
The distribution of the profits of the firm after payment of taxes is tax free in the hands of partners.
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