If a person has turnover of ₹ 1,20,00,000/- in 2017-2018 and has shown income u/s 44AD. In 2018-19, he has a turnover of ₹ 1,80,00,000/- and shown income as per audited accounts. In 2019-20, he has turnover of ₹ 80,00,000/-.
Now my question is that whether in 2019-20 he has to audit his account or he can show his income as normal business income
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Sec 44AD Provision
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| Originally posted by : Amit Jain | ||
 |
If a person has turnover of ₹ 1,20,00,000/- in 2017-2018 and has shown income u/s 44AD. In 2018-19, he has a turnover of ₹ 1,80,00,000/- and shown income as per audited accounts. In 2019-20, he has turnover of ₹ 80,00,000/-.Now my question is that whether in 2019-20 he has to audit his account or he can show his income as normal business income |  |
If A Assesses opt Option of 44AD then he eligible to continuous 5 Year to take benefit of Section 44AD otherwise increase Limit.
If you file return other than 44AD than you are not eligible to file return u/s 44AD in next 5 Subsequent Year
You have to get your account audited for 5 years.. after that you can claim presumptive income under section 44AD
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