Opting out from 44ad

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Self
33 Points Posted on 06 September 2023

Last three years opted 44ad for my business. This year I stopped buisness and joined a job. Wheather I need to go for audit this year???

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On 06 September 2023 at 12:59 Report
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Quick Summary
If you've stopped your business after opting for Section 44AD for the past three years and have joined employment, you likely won't need an audit this year. This is especially true if your business profits were below 8%. You can typically file using ITR-1 instead of ITR-4. If you wish to continue with 44AD, you'll need to declare notional income.

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CA
10436 Points Posted on 06 September 2023
No, you don't need to do an audit in CY if profit from business is more than 8%. If you need to discuss this in detail, then please check your inbox.
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On 06 September 2023 at 13:15
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CFO- at NHTF
58280 Points Posted on 06 September 2023
You may file ITR-1 instead of ITR-4.

If you want to continue 44AD then declare notional Income under 44AD
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On 06 September 2023 at 13:27
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"Do the Right Thing...!!!"
128157 Points Posted on 06 September 2023
Yes I agreed with Mr Eswar Reddy,

@ Jai shree Narayan,

No need audit,You can file ITR 1
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On 06 September 2023 at 14:08

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