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 Topic
- ITR-2 Schedule CG: Indexation cost ignored for lan
- INCOME TAX NOTICE 143(2) - FY 2024-2025
- Unable pay Self Assessment Tax - Netbanking and De
- Section 192 2(b) entry in IT return ITR 1
- Rent from redevelopment property
- How to find FMV of inherited gold after selling it
- Happy CA Day!!
- Share your proudest CA moment 🏆
- Gift recd from brother
- How to show Loan write off in DPT 3?
Related Topics
CAclubindia
