Presumptive income 44AD(4)

manas paul (5 Points)

13 June 2021  

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 )????