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rule 44ad
if we follow 44AD 8% profit in partnership firm then we should follow 8% profit for 5 years
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As per amended laws -if person opts out of the scheme of presumptive taxation unde section 44AD then he can not avail benefit of the scheme of for the next 5 years
If you are opting for presumptive scheme, you must
- File presumptive scheme for atleast 5 years in continuation.
- If you decide to show and file profits as per regular business (ITR-4) before the end of these 5 years, you will lose presumptive benefits and disallowed from presumptive taxation for the subsequent 5 years. (5 years shall be counted starting the year in which you first file usual taxes for such business).
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