Client started new business As on 1.4.21 And he filed his return for the period 1.4.21 to 31.3.22 under sec 44ad and in the fy 22-23 his turnover 1cr therefore he wants to do audit.for fy 22-23 ... Question is any restriction of. sec 44ad sub sec 4.
plz explain.
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Section 44Ad sub sec 4
Replies (1)
Yes if he is not opt for audit or showing lesser profit. But, Now this is not effective. Bcoz, he is willing to audit...
Section 44AD(4) will attract the year when the assessee declares the profits less than 8% or 6%. The taxpayer will not be eligible to opt for a presumptive income scheme for the next five years.
However, section 44AD(4) will not apply when the taxpayer cannot opt for the presumptive schemes due to non-eligibility.
Section 44AD(4) will attract the year when the assessee declares the profits less than 8% or 6%. The taxpayer will not be eligible to opt for a presumptive income scheme for the next five years.
However, section 44AD(4) will not apply when the taxpayer cannot opt for the presumptive schemes due to non-eligibility.
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