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Option to file return u/s 44AD

Neethi V. Kannanth (.)     27 March 2021

Neethi V. Kannanth
 40 likes  2557 points

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The assesse had filed return for the F.Y 2018-19 by opting presumptive basis u/s 44AD. However, in the F.Y 2019-20, the assesse's turnover crossed Rs.  2 Crore and could not file return opting presumptive basis as he became ineligible. Can the assesse, again opt for filing return u/s 44AD if the turnover is less than Rs. 2 crore during the F.Y. 2020-21 as he did not voluntarily opt out of presumptive basis in the F.Y 2019-20?


Sourav (Student)     27 March 2021

 664 likes  11035 points

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No, he cannot opt for presumptive taxation as he has already crossed the threshold limit in FY 19-20 as under presumptive taxation if opted then it should be maintained for 5 years and if in between the turnover crosses the limit then it will be ineligible for again opting 44AD

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