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ITR3 relared query

FAHEEM AKRAM (293 Points)

16 July 2018

If previous return was ITR3 where balance sheet and profit & loss account shown So this year can be filed u/s 44AD???

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Amish Maknojia (Student) (507 Points)
Replied 16 July 2018

additional condition has been added by substituting sub section (4) of 44AD which is –

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.

Please note that 5 years shall be counted starting the year in which you first file usual taxes for such business.