SECTION 44AD(4) SAYS ONCE YOU DECLARE INCOME u/s 44AD(1) ( i.e 8% on Turnover or higher income ) ASSESSEE HAS TO DECLARE HIS INCOME u/s 44AD(1) FOR NEXT FIVE A.Y.......NOW THE QUESTION IS ASSESSEE WILL HAVE TO DECLARE INCOME u/s 44AD(1) MEANS, HE HAS TO CONTINUE PRESUMPTIVE INCOME SCHEME AND SHOW INCOME AT 8% OR MORE....[ IN ITR 4 OR ITR 3( u/s 44AD coloumn) ] OR HE CAN SHOW 8% OR MORE INCOME ANYWAYS i.e UNDER REGULAR SCHEME ALSO ( IN ITR 3 GENERAL P/L, BALANCE SHEET )????
Menu
Presumptive income 44AD(4)
Replies (1)
As far as I know it is not mandatory to file presumptive under 44AD for the next 5 years. However if you do go out of presumptive income declaration for any year to carry forward losses or adjust expenses or whatever reasons, you cannot come back for the next five years to file presumptive income tax return. Correct me if I am wrong.
There is no provision to file 8% return in general ITR 3. You have to file actuals.
Now my follow up question to experts is that after filing presumptive for a year, if I do not have a business for 2 years and again start one, then can I use presumptive even within 5 years? The reason being I had no business and so did not file business income in presumptive or non presumptive for 2 years.
Recent Topics :
- CA FINAL FR FINANCIAL INSTRUMENTS (Ind AS 109) Dou
- 70:30 GST rule for solar EPC: partial scope (struc
- TDS on Redevelopers hardship allowance received no
- Who will take FSSAI AND TRADE LICENSE: owner or te
- E Way Bill in respect of Without Bringing Material
- FAST DS 2026 query
- Consultation
- E-way notices for FY 22-23
- Gst file not created
- Regarding 3CEB query
Related Topics :
CAclubindia
