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manas paul   13 June 2021

Presumtive tax u/s 44AD

An individual declare his income 8% on turnover in A.Y 2021-22 u/s 44AD. But he declares his income under regular scheme (not u/s 44AD) more than 8% on turnover in the A.Y 2022-23  Question is sec 44AD(4) applicable here? Can he opt for sec 44AD in A.Y 2023-24 ??

 4 Replies

veerendar singh

veerendar singh (tax consultant)     13 June 2021

I think he cannot opt
Karan Prajapati

Karan Prajapati   13 June 2021

Audit won't be applicable and I guess he can opt for presumptive since the assessee has not violated any clause.

Sourav (Student)     13 June 2021

Yes 44AD is applicable
A Kar

A Kar (Nil)     13 June 2021

If he opts for regular scheme he cannot use presumptive for the next 5 years. However if he continues to use presumptive he can declare more than 8% profit, say 35% if that is the actual profit and still be under presumptive. 

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