I have a photo studio business with income of 20 to 25%, I have filled ITR for FY 2017-18 in Presumptive income under section 44AD using Nature of Business code 16009-Photography with income of 20%. Now when I am trying to file the same for FY 2018-19 Nature of Business code 16009 removed from 44AD and added to 44ADA. I don't have income of above 50% as I usally do wedding photography with rental cameras.
Now, how to file ITR for FY 2018-19, If I have to file ITR 3, then I am not maintaining proper books as per accounting standards.
Please help me on this.
Thank you
No one can help in this case, as its upto ITD to consider such matter and decide. Business chambers or mother institutes like ICAI. ICSI etc. can represent such anomalies.
The irony is if you do not accept the 44ADA option, you will require to go for tax audit of your books of accounts!!! (only if your total income exceed BEL)
CAclubindia
