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Income tax return query.
from last 4 years, firm is under tax audit. Due to covid, sales is low for FY 2020-21 and we are filing under presumptive taxation. query is when if sales goes up for upcoming years, can we move back to tax audit case.. knowing that we won't be able to choose presumptive for next 5 years.
Replies (5)
If turnover goes above 2 Crs. you have no option of opting for presumptive assessment by law itself, and as such it is not treated as opting out of the scheme. Whenever turnover is within the said limit, you are bound to opt it, otherwise it will be treated as opting out from that AY.
@ Dhirajlal : sir for 2020-21 turnover is less than 1 cr but for upcoming years, we are expecting sales of more than 2cr. let's say for 2021-22, sales is rs 3 cr, is it OK to move back to tax audit assuming cash transaction constitute more than 10%
Yes, it is by default......... u/s. 44AB(a) of IT act.
What is the turnover?
CY turnover is around 50 lacs. previous years more than 3 crs
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