Return filled u/s 44 ad

485 views 6 replies

last year I filled itr 4 u/s 44ad do I file itr 3 with regular books of account

Replies (6)
Yes, you can file ITR 3 for assessment year 2018-19.

"Last year I filled itr 4 u/s 44ad do I file itr 3 with regular books of account?"
 

No.

In that case you will be required to audit books of accounts, and file audit report.

As you opted for sec. 44AD for AY 2017-18, you should continue to file under the scheme at least for FIVE consecutive years....

Yes, if necessary you can file ITR3, but under sec. 44AD.....

If you are opting for the presumptive scheme, you must

a. File presumptive scheme for at least 5 years in continuation

b. If you decide to show and file profits as per regular business (ITR-3) before the end of these 5 years, you will lose presumptive benefits and disallowed from presumptive taxation for the subsequent 5 years.

Please note that 5 years shall be counted starting the year in which you first file usual taxes for such business.

The government is discouraging taxpayers to misuse the scheme and keep changing their option often. So if you opt for presumptive continue for 5 years and if you want to opt out, you’ll be barred from resuming presumptive for a period of 5 years.

As per section 44 ad sub secton 4 of the income tax act 1961 if you opt out the scheme ,you can not avail the benefits this scheme for next five years .
under which sub section of section 44ab do I have to audit if audit is required
No sub section It,s under 44AB of the Income Tax act 1961


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register