Hi,
I am filling my return under section 44Ad from last 3 years , so can I now switch to normal or do I have to use 44AD for 5 years.
A local accountant in my area told me that i have to be in 44AD for 5years and if i switch in between then i will have to file the returns of last 3 years again , so is this correct ?
Thanks
You can switch to file ITR under normal provision in 4th year but for 5 years you can not file under section 44AD (to be counted from the first year in which you opted for 44AD). Therefore you have to file under normal provision in 5th year also.
Will i have to get my books audited if I switch from 44AD to normal ?
Is it wise to switch from 44AD to normal ?
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