banner_ad

In a.y. 2017-18 opted for section 44ad. in a.y. 2018-19 no

Tax queries 1709 views 1 replies

An assessee opting for Section 44AD – presumptive scheme for Assessment year 2017-18. However in Assessment year 2018 -19  no business. In such scenario, atleast 5 years in continuation could not be maintained.  So will the assessee be denied presumptive scheme for Assessment year 2017-18?

Thank you in anticipation of kind response.

Valerian Dsouza

 

 

Replies (1)

"However the Budget 2016 provides that where an eligible assessee declares profit for any previous year under Sec 44AD and the elegible assessee has not declared income u/s 44AD in any of the five consecutive assessment years succeeding the assessment year in which the income was  declared u/s 44AD, , then he shall not be eligible to claim the benefit of declaring the income on presumptive basis u/s 44AD for five assessment years subsequent to the assessment year in which the profit has not been declared under sec 44AD.This limitation will take effect from F.Y. 2016-17"

Simple interpretation is the disallowance is for subsequent years.

So, in your case, it will not be disallowed for preceeding year 2017-18.


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured ARTICLESHIP 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details