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?
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?
Yes.
Assessee is allowed to show income under 44AD.
Yes, for eligible assessee with eligible business....... within 2 Cr. turnover....
This question has been put in reference to Section 44AD(4) and 44AD(5). Please elaborate.
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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CAclubindia
