The assessee had opted for Section 44AB in AY 2017-18 and had gotten its books audited under the same. Can the assessee opt for Income on presumptive basis us 44AD and show income @ 8% of turnover in AY 2018-19?
CA.AZAD JAIN (CA) (201 Points)
25 June 2018The assessee had opted for Section 44AB in AY 2017-18 and had gotten its books audited under the same. Can the assessee opt for Income on presumptive basis us 44AD and show income @ 8% of turnover in AY 2018-19?
Ruchika Somani
(Coaching and Practice in Tax Audit Law.)
(4429 Points)
Replied 25 June 2018
Yes.
Assessee is allowed to show income under 44AD.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160332 Points)
Replied 25 June 2018
Yes, for eligible assessee with eligible business....... within 2 Cr. turnover....
CA.AZAD JAIN
(CA)
(201 Points)
Replied 25 June 2018
This question has been put in reference to Section 44AD(4) and 44AD(5). Please elaborate.
Ruchika Somani
(Coaching and Practice in Tax Audit Law.)
(4429 Points)
Replied 25 June 2018
If assessee is opting 44 AD he shall continue same for 5 years.
If he opts another choice in some year he will be disallowed to opt 44 AD for subsequent 5 years.
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