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 ??
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Presumtive tax u/s 44AD
Replies (4)
I think he cannot opt
Audit won't be applicable and I guess he can opt for presumptive since the assessee has not violated any clause.
Yes 44AD is applicable
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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