02 October 2020
The Assessee is getting his Books of Accounts Audited u/s 44AB from AY 2014-15 TO AY 2019-20. In Ay 2020-21 the Firm business is Closed and Firm's Turnover is quite less than limits mentioned u/s 44AB. Can he file his ITR U/s 44AD?
03 October 2020
Yes, you can file return u/s 44AD if your business is eligible business for section 44AD. As the assessee is closing business, 5 years lockin period issue in 44AD is also not applicable.
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