Help with 44ad eligibility



if I did not opt for 44ad in ay 17 18 can i opt for 44ad in ay 18 19?

 
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PROUD TO BE AN INDIAN - JAI HIND

Yes... You can opt if You & Your business is eligible under sec 44ad...

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Chartered Accountant

Yes, you can opt 44AD provided you continue to adopt the same for the next 5 AYs

 
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PROUD TO BE AN INDIAN - JAI HIND

Only for eligible Business and Assessee can opt sec 44AD...
Otherwise normal provisions should be applicable...
 
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no you cannot opt for presumptive taxation.. 44ad(4) came in to effect from a.y. 2017-18

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PROUD TO BE AN INDIAN - JAI HIND

Can you explain Mr Rama Krishnan., Why not he can't opt sec 44AD..? How to you find the above said query atract 44ad (4)...?
 
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section 44ad(4) comes into effect from a.y. 2017-18 and if he didn't opt for 44ad(1) for a.y. 2017-18 then 44ad(4) will apply.. if you have different opinion pls enlighten me Mr.raja
 
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Chartered Accountant

44AD (4) attracted only when the assessee opting 44AD in previous year has not opted the same for next 5 AYs. Here, it's the first time of adoption of 44AD, 44AD(4) doesn't come in to picture. I hope this is the reason. Clarify if it's not.
 
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ass per section 44AD(4), if any assessee opts out of 44AD(1), then he will not be eligible to opt for 44AD for next 5 A.Ys immediately succeeding the A.Y. in which the A.Y. computed his total income according to the normal provisions of the income tax act and he is obliged to audit his books of account for those years.
this is what spelt in Section 44AD(4) and 44AD(5). now the point under dispute is, in act it is given as w.e.f. 01/04/2017... whether this 01/04/2017 denotes A.Y. or. F.Y
 
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Autodidact/Curious

Originally posted by : rama krishnan
ass per section 44AD(4), if any assessee opts out of 44AD(1), then he will not be eligible to opt for 44AD for next 5 A.Ys immediately succeeding the A.Y. in which the A.Y. computed his total income according to the normal provisions of the income tax act and he is obliged to audit his books of account for those years. this is what spelt in Section 44AD(4) and 44AD(5). now the point under dispute is, in act it is given as w.e.f. 01/04/2017... whether this 01/04/2017 denotes A.Y. or. F.Y


" Pre condition " is the assesse " Should have Opted in " in previous year...so an assesse who was`nt assessed under 44AD in previous year (previous to the F.Y this ammended regarding this compulsory 5 year clause came into force ) is eligible to file under 44AD ...

 
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