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Doubt wrt 44AB and exit from it


LAKSHMI KANTH (TAX CONSULTANT)     05 January 2021

LAKSHMI KANTH
TAX CONSULTANT 
 12 likes  413 points

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Sir, for the Assessment year 2019-2020 one of my assessee income was less than of Rs. 2 crores but more than of Rs. 1 crore, instead of processing the return u/s.44AD ( as that much of profits are not there), I have chosen the same u/s.44AB ( books got audited), and filed the return accordingly. But, for the Assessment year 2020-2021, there is no business operations right from the beginning of the financial year  to till the end of the financial year except of salary income of Rs. 9,00,0000 and due TDS there on. So, with the above brief notes, still do I have to get assessee books audited u/s.44AB as the assessee chosen filing the return u/s.44AB for the assessment year 2019-2020. Kindly advice.
Smit Shah

Smit Shah   05 January 2021

Smit Shah

 47 likes  521 points

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Is the.business have been closed
Balamurali Unnithan MS

Balamurali Unnithan MS (STUDENT)     05 January 2021

Balamurali Unnithan MS
STUDENT 
 48 likes  908 points

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Choose 44 AD - Presumptive scheme , salary income?
LAKSHMI KANTH

LAKSHMI KANTH (TAX CONSULTANT)     07 January 2021

LAKSHMI KANTH
TAX CONSULTANT 
 12 likes  413 points

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Yes, business is closed
Krishna Chaudhary

Krishna Chaudhary (Accountant)     08 January 2021

Krishna Chaudhary
Accountant 
 597 likes  4468 points

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No you don't need to get audited, just file simple Salary written

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