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Tax Audit Proprietary
Opted for 44AD in FY 2017-18. Subsequent 5 years completed in FY 2022-23. In FY 2023-24, party has turnover of 2.16 crore (all transactions through digital mode). Party is eligible for opting 44AD. But party is not willing for opting 44AD. Instead they want to avail higher threshold to be out of tax audit and file ITR. Profit % is less than 6%. Can Party do so?
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Quick Summary
If an assessee has opted or presumptive taxation under section 44AD, then he/she is required to opt for the same scheme for a continous period of 5 years. If, in any case, he/she failed to do so,then he/she will not eligible to opt for the scheme for the next 5 years.
Option for opt out is always available but once opt out than assessee is not eligible to opt in for the next 5 years.
Tax audit proprietary .
there is a limit
there is a limit
if all transactions are through digital mode, then no audit is required in this case. You just need to file the tax return as per the books of accounts.
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