Sir, Till the A.Y. 2022-2023, i was under 44AD, but this from the A.Y.
2023-2024 though my turnover is less than 2 Crores, still i would like
to opt out and proceed under proviso to Section 44AB as there is no
cash collections and cash payments and my profit is 2%. so, can I
proceed without audit u/s.44AB as the turnover limit is up to 10 Crores,
kindly enlighten me
You can proceed under section 44AB but as SUB SECTION (4) OF SECTION 44AD - You are nor eligible for filing return u/s 44AD for next Five Assessment Year.
SUB SECTION (4) OF SECTION 44AD is as under:-
(4) Where an eligible assessee declares profit for any previous year in accordance with the provisions of this section and he declares profit for any of the five assessment years relevant to the previous year succeeding such previous year not in accordance with the provisions of sub-section (1), he shall not be eligible to claim the benefit of the provisions of this section for five assessment years subsequent to the assessment year relevant to the previous year in which the profit has not been declared in accordance with the provisions of sub-section (1).
CAclubindia
