Dear experts,
My client got his accounts audited last year. This year he wants to go for presumptive sheme. Can he audit in next year? Or he has to compulsorily go for next 5 years?
Thanks in Advance
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Tax Audit and Presumptive
Replies (2)
Quick Summary
Presuming that we are talking about presumptive taxation under 44AD, he can opt out of presumptive taxation in any year but once having opted out, he will not be eligible for succeeding five years to opt for presumptive taxation in terms of 44AD(4)
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