Will Section 44AD(4) will be applicable for AY 2021-22. if Yes. Reason for that.
Deatils of Case
Opted for Section 44AD in
AY 2015-16
AY 2016-17
AY 2017-18
From AY 2018-19 to AY 2020-21. as per section 44AB(a) Audit was carried out.(T/O below 2cr)
But in AY 2021-22. Turnover is 80 lakhs and Income is 252000/-
Will audit will applicale to AY 2021-22 and if yes in which clause from 44AB(a) to 44AB(e)
Or
44AD(4) will be applicable for AY 2021-22
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SECTION 44AD(4) AND ITS LINKAGE TO 44AB
Replies (2)
YES, SEC. 44AD(4) IS APPLICABLE.
FOR NEXT 5 YEARS IT GETS APPLICABLE FROM THE YEAR WHEN SEC. 44AD OPTED OUT.
As per Section 44AD(4) audit is required for the AY 21-22 because net income is less than the prescribed threshold in this case.
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