Applicability of section 44AB & 44AD for AY 2018-19
This query is : Resolved
22 July 2018
An Individual/Firm carrying on business/profession whose turnover does not exceeds ₹ 1 crore and incurred loss in the previous year.
Whether Individual/Firm have to get his accounts audited,if i cannot opt under 44AD/44ADA?
Please suggest me.
23 July 2018
Tax audit not applicable in case of no taxable income
23 July 2018
Thank you sir
23 July 2018
For last 4 years I applied Section 44AD and for current year I was filed under above scenario (An Individual/Firm carrying on business/profession whose turnover does not exceeds ₹ 1 crore and incurred loss in the previous year.)
Can I adopt section 44Ad for next year if applicable?bcse I cannot adopted section 44AD in the 5th year
23 July 2018
Next 5 years including the current one you can't opt 44AD.
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