manas paul (5 Points)
13 June 2021An 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 ??
Karan Prajapati
(170 Points)
Replied 13 June 2021
CA. Sourav Sarkar
(Chartered Accountant )
(24578 Points)
Replied 13 June 2021
A Kar
(Nil)
(79 Points)
Replied 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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