Dear All,
If a person has filled a return for the first year under Section 44AD (Presumptive Taxation) than than can ne file return under normal provisions of Income Tax.
Please clarify, thanx in advance
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Section 44 ad
Replies (6)
As amended in finance act...... from 01.04.2017....... if an assessee has opted for sec 44AD in preceeding year, and has continued under it for not less than 5 years; s/he can opt out of the presumptive scheme only with more than 6/8% profits, or with tax audit liability for next five years......
Thanx sir for the prompt reply. My client is showing a profit of Rs. 7.00 Lacs against the reciepts of Rs. 10.00 Lacs. can he file under normal provisions of IT Act
And last year he has filed his first return
Practically YES, he can opt out (from ITR4)and can file return under normal provisions of IT (ITR 3), but later on he will not be eligible for filling return under section 44AD.
so i think if not necessary, the advantage should be taken u/s 44AD.
so i think if not necessary, the advantage should be taken u/s 44AD.
Thanx to all very much, there is more question whether late fees paid on delay in filing GST return is an allowable expense or not
YES.....It is an allowable expenditure
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