Dear Friends,
One of our client doing interiors designing works and filed his income tax returns for the past two years (AY 2018-19 and AY 2019-20) U/s.44AD -Presumptive Taxation. Now during the year 2019-20, he earned total receipts of 3.11 Crores and the total payments of cash receipts and cash payments does not exceed 5% (after careful analysis) independently. Now, my query is (1) Can we go for fiing without filing of Form 3CB & 3CD in form ITR-3 or (2) Should we file the return along with TAR in line with 44AB(a) taking the points of "presumptive method of taxation is adopted in the last five years and opt out in the current year"
Kindly suggesst.
Thank you.
CAclubindia
