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Can an individual liable to maintain accounts opt for Presumptive Taxation?

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Caclubuser

Accountant

98 Points Posted on 17 August 2021

Dear Experts,
An individual trader is liable to maintain books of accounts as per section 44AA(2) if his turnover or profit exceeds the prescribed limit. If he is liable to maintain so, can he furnish his return of income through ITR-4?

Replies (3)

Quick Summary

This discussion explores whether an individual trader, who is obligated to maintain books of accounts due to exceeding turnover or profit limits, can still opt for presumptive taxation under Section 44AD. It clarifies that eligibility for presumptive taxation and filing through ITR-4 depends on meeting the criteria of Section 44AD and not being subject to specific exclusions.

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

212455 Points Posted on 17 August 2021

Unless provision of subsection (4) section 44AD, applicable; and if he is eligible assessee as per section 44AD; he can take advantage of presumptive assessment u/s. 44AD