Tax audit v presumptive taxation

Originally posted by : Anitya
	Hi members, I have a query regarding tax audit and presumptive taxation. If one files ITR-4 in A.Y. 2018-19 with presumptive taxation (8% N.P. on Turnover), can he declare less Net Profit and go for Tax Audit in A.Y. 2019-20? Sales in AY 2018-19 are Rs. 45 lacs. and in AY 2019-20 it is expected to be more than Rs.1 crore. Thanks

Yes... He can as per Your query and continue next Five Years...

Mr. Raja, please confirm Presumptive Taxation in AY 2018-19 and Tax Audit in AY 2019-20 and thereafter?

Originally posted by : Anitya
	Mr. Raja, please confirm Presumptive Taxation in AY 2018-19 and Tax Audit in AY 2019-20 and thereafter?

Next Five Year means under Tax Audit , not under Presumtive Scheme...

In AY 2018-19 he can file with presumptive taxation.

From AY 2019-20 and next five years, he will be going for tax audit.

Originally posted by : Anitya
	In AY 2018-19 he can file with presumptive taxation. From AY 2019-20 and next five years, he will be going for tax audit.

Yes...

If A Taxpayer file ITR under Presumptive Tax Scheme in AY 2018-19. And he will/Fall under Tax Audit in AY 2019-20 then He will file His next five ITR under Tax Audit...

Thanks Rohan ji.

Can depreciation loss be carried forward if ITR is filed after due date (non audit).

Depreciation is allowed to be carry forward even if ROI is filed after due date but loss cannot be carry forward for the year for which ROI is filed after due date.

but in that case set off of loss brought forward from previous year will be allowed in the year of profit for which ROI is filed after due date.

for further query contact me in PM or my email