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Consequences of return filing procedure shifing from 44ab to 44ad
The assessee being a partnership firm previously filed the return of income under 44AB and now wants to file the return under 44AD as the turnover is less than Rs 1 Crore and net profit is more than 8%. Please suggest me regarding the same.
Replies (1)
As of my knowledge,there is no rule that once assessee has complied 44AB,he shall comply every year.Suppose he has complied 44AB in year-1 and the very next year his turnover is less than 1 crore he may free to opt 44AD.but you shold consider 44AA.
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