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Income tax query
my client filed income tax return for a.y 2019-20 declaring income u/s 44ad and a.y 2020-21 declaring income as normal business due to commission income and trading income .kindly suggest 44ad(4) applicable or not in this case
Replies (8)
Quick Summary
Once you opt for U/s 44ad you can not change for five years. Commission & Trading income in not any issue in that. Only your turnover exceed above 2cr then you are allowed to change to normal filling.
No vipin ji pls read section carefully because section 44ad(4) applicable when assessee not comply with provision of sec 44ad(1) in any succeeding five year and in this case 44ad(1) not applicable due to eligible business
You can't opt for 44AD for AY-2019-20 since there is commission income.
This leads to loss of benefit of 44AD for next 5 years .
If you opt 44AD , you have to continue for 5 years but if unable to continue then there will be 5 years bar to opt again for 44AD
This leads to loss of benefit of 44AD for next 5 years .
If you opt 44AD , you have to continue for 5 years but if unable to continue then there will be 5 years bar to opt again for 44AD
@ Mr Deepak KUMAR.,
Yes, Your doubt is exactly correct.
If You are opt out from 44ad (as Your commission income) then Your account will be fall u/s 44ad(4) and its under Tax Audit...
Yes, Your doubt is exactly correct.
If You are opt out from 44ad (as Your commission income) then Your account will be fall u/s 44ad(4) and its under Tax Audit...
Yes .Agree
No i have raised this query in cbdt
Don't worry ,you will get reply in few days.
If the query sent to CBDT chairman then you get reply very shortly
If the query sent to CBDT chairman then you get reply very shortly
Cbdt chairmain clear this issue easily
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