Doubt in 44ad

In AY 18-19 i opted for presumptive taxation because my turnover was between one crore and two crores. For AY 19-20 my turnover is below one crore. Can i file normal return by not adopting 44AD even though my profit is less than 8%?

 

Replies (3)

I think you can! You only need to be careful when you're declaring income u/s 44AD when the profit is less than 8%. Hope this helps!

Yes you can withdraw the presumptive taxation scheme and file normal return with the following consequences:

1) You have to keep proper books of accounts u/s 44AA.

2) For next 5 years you will not be eligible to opt for Sec.44AD.

3) If turnover exceeds Rs.1 Crore, according to sec.44AB tax audit has to be done.

no if you once opted presumptive taxation scheme you will have to declare 8% of turnover ....
however if you claiming your profit is less than as per presumptive scheme then you will have to get audited your books of account under section 44AB...
here is a exception of above provision ----i.e..
if the assessee's turnover is less then or upto 250000 than he need not get audited their book of account.......as much as you will declare turnover shall be consider as chargeable income ... on which tax shall be levied...

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 16 September 2026
CA Article Trainee

SR BAGAI & Co.

New Delhi

CA Inter

View Details
Company
19 September 2026
CA/Semi-CA/BCom

Pravin Sarvaiya

Mumbai

CA Inter

View Details
Company
ARTICLESHIP 01 September 2026
Article Assistant

SGNG & Associates

New Delhi

CA Inter

View Details
Company
19 September 2026
Finance Manager

Mugdha Art Studio

Hyderabad

CA

View Details
Company
09 September 2026
SENIOR AUDITOR & ACCOUNTS MANAGER

Anupam Parashar & Co.

Ghaziabad

CA Final

View Details
Company
16 September 2026
Internal Audit - Team Lead

Consulting & Beyond

Chennai

CA

View Details
Company
ARTICLESHIP 15 September 2026
Freelance Taxation Content Writer Intern

Interactive Media Pvt Ltd.

New Delhi

CA Inter

View Details
Company
17 September 2026
Chartered Accountant

Dass Gupta & Associates

Gurgaon

CA

View Details