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?
Menu
Option to file return u/s 44AD
Replies (1)
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
Recent Topics :
- 600128 HSN rate
- Social Security benefit from US by resident
- E-way notices
- Itr form for Salary income, Interest, Dividend And
- Will my TDS be deducted as NRI?
- PENSION ARREAR RECEIVED - EPS 95 SCHEME
- Processing of Form 144 (prev 27Q)
- Capital Gain on sale of Vacant Land- Whether Demol
- Hello dear I want help .
- Category B/D pop up after the file is e verified
Related Topics :
CAclubindia
