Opting for 44 ad this year

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362 Points Posted on 21 July 2022
i filed return as normal in the last year.but i wantbto file return under 44ad this year.is it possible? turnover below 2cr.pls reply thanks in advance.
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On 21 July 2022 at 15:53 Report
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This discussion addresses whether an individual can opt for Section 44AD for filing their tax return this year, given their turnover is below £2 crore. It clarifies that while it is possible to opt in, there's a crucial requirement to continue with the scheme for at least five consecutive years. Opting out before this period will result in tax audit liabilities.

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SEO Sai Gr. Hosp.
121421 Points Posted on 21 July 2022

Yes, you can; but keep eye on not opting out for next five years.

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On 21 July 2022 at 20:53
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362 Points Posted on 22 July 2022
But i am opting for 1st time so i can opt out once.is it right?
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On 22 July 2022 at 13:25
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SEO Sai Gr. Hosp.
121421 Points Posted on 22 July 2022

No, once opted for sec. 44AD, you need to continue for at least 5 years, otherwise tax audit liability arises.

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On 22 July 2022 at 20:33

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