Doubt in 44ad

394 views 3 replies

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 08 June 2026
Internal & Taxation Article

O P Bagla & Co LLP

New Delhi

CA Inter

View Details
Company
20 June 2026
Assistant Accounts Manager

Fintax Professionals

Gurgaon

CA Inter

View Details
Company
ARTICLESHIP 20 June 2026
Articleship

RB KESHRI & CO

Mumbai

B.Com

View Details
Company
25 June 2026
Accounts & Taxation Executive

Dindukurthy & Associates

Hyderabad

MBA

View Details
Company
16 June 2026
Sr. Associate / Assistant Manager | TAS / FDD

Boutique Investment Bank & Transaction Advisory Firm

Gurgaon

CA

View Details
Company
ARTICLESHIP 04 June 2026
Article

Rakhecha & Co.

New Delhi

CA Inter

View Details
Company
25 June 2026
AUDIT MANAGER

JDAS & ASSOCIATES

New Delhi

CA

View Details
Company
19 June 2026
Accounts Executive

Getfive Advisors Pvt. Ltd.

Ahmedabad

CA Inter

View Details