Previous year assessee filed itr under 44AE Now in current year sale of the vehicle .so in currently he can file itr 44AE or required to file ITR 3.
Previous year 2 VEHICLE
Currently 1 vehicle
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ITR for 44AE
Replies (5)
If you opt for presumptive taxation then you have to maintain such taxation for 5 years
Business profit will remain as it is under PGBP. 44Ae you can continue. if you discontinue then for next 5 years you won't be allowed to opt for 44AE.
5 years restriction is in section 44AD and not in 4AE.
An assessee may claim lower profits and gains than the profits and gains specified in sub-sections [1] and [2], if he keeps and maintains such books of account and other documents as required under sub-section [2] of section 44AA and gets his accounts AUDITED and furnishes a report of such audit as required under section 44AB.
Where is shown sale of vehicle ?
If filled under 44AE
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