Can an Assessee as a proprietor opt for U/s 44AD, i.e 8% as an income on Turnover instead of U/s 44 AB, if Turnover is more than 2 crore in retail medical shop
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Opting for u/s 44 ad
Replies (4)
Assessees whose turn over exceeds Rs. 1 crore can't opt for declaring income u/s 44AD
Yes as Gowtham rightly said, U cant opt for 44AD once your turnover crosses Rs.1 Crore and also you need to get tax audit done of your books of accounts.
Thanks and Regards,
Manoj B. Gavali
44AD cannot override 44AB section... So u need to get tax audit done once turnover exceeds more than one crore.
Thanks for information sharing
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