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%?
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%?
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.
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