My client, filling his return from last 5 years as books maintain case. i.e. all profit and loss account n b/s are provided in income tax returns . but actually my client has maintained his books of accounts.
Now the question is can i file his return u/s 44AD as books not maintaine. his fixed assets are more than 60 lakhs.
if yes let me know also that if sec 44 AA contravents.
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Application of 44AD
Replies (5)
if your client is an individual or HUF or Firm(other than LLP) and Business Turnover up to 2 Crore can opted Presumptive Taxation u/s 44AD and you need to show at least 8% of total turnover as Business Income (if transactions made through other than cash it is 6%)..
But once you Opted for Presumptive taxation then for next 4 A.Ys you need to show your Income under Presumptive Taxation..
If any year during next 4 A.Ys you are fails to file return under Presumptive Taxation then following liability will arise
1) Tax audit u/s 44AB
2) Liable to maintain books of accounts u/s 44AA
3) For Next 5 years you are not eligible for Presumptive scheme
But once you Opted for Presumptive taxation then for next 4 A.Ys you need to show your Income under Presumptive Taxation..
If any year during next 4 A.Ys you are fails to file return under Presumptive Taxation then following liability will arise
1) Tax audit u/s 44AB
2) Liable to maintain books of accounts u/s 44AA
3) For Next 5 years you are not eligible for Presumptive scheme
kindly refer 44AD (4) and (5) for more clarification
Yes... I agreed to Mr Varma's view...
Your client can opt sec 44AD. No need Tax Audit.
But,, Condition only If He opt AY 18-19 then he will be file next 4 AY u/s 44ad...
In between AYs he ll opt out then Tax Audit applicable as per sec 44AD (4).
Your client can opt sec 44AD. No need Tax Audit.
But,, Condition only If He opt AY 18-19 then he will be file next 4 AY u/s 44ad...
In between AYs he ll opt out then Tax Audit applicable as per sec 44AD (4).
if my business is of property trading whether 44ad is applicable??
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