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Income tax query
if a person file return for the a.y 2018-19 declaring income in 44 AD section and he file itr -3 for a.y 2019-20 but n.p is more than 8 percent and income more than exemption limit so pls suggest 44AD (4) provision applicable or not
Replies (1)
If you are opting for the presumptive scheme, you must-
a. File presumptive scheme for at least 5 years in continuation.
b. If you decide to show and file profits as per regular business (ITR-3) before the end of these 5 years, you will lose presumptive benefits and disallowed from presumptive taxation for the subsequent 5 years.
a. File presumptive scheme for at least 5 years in continuation.
b. If you decide to show and file profits as per regular business (ITR-3) before the end of these 5 years, you will lose presumptive benefits and disallowed from presumptive taxation for the subsequent 5 years.
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