21 December 2021
I HAVE DECLARED MY INCOME UNDER PRESUMPTIVE SCHEME UNDER SEC 44AD FOR THE AY 2021-22 BY OPTING ITR 3. WHETHER CAN I OPT TO DECLARE THE INCOME OTHER THAN PRESUMPTIVE BASIS FOR THE AY 2022-23? IS THERE ANY LOCK IN PERIOD FOR THE 5 SUBSEQUENT ASSESSMENT YEARS IF I DECLARED INCOME UNDER PRESUMPTIVE BASIS FOR THE AY 2021-22 IN ITR FORM 3. WHETER I NEED TO MAINTAIN BOOKS AND GET IT DONE AUDITED IF I WANT TO DECLARE INCOME OTHER THAN PRESUMPTIVE BASIS FOR THE AY 2022-23?
21 December 2021
It is advisable to declare the income under sec. 44AD for at least five years. Yes, lock in period is there for continuous 5 years declaration under the scheme; otherwise audit may be applicable with certain other conditions. If income declared is more than 6/8 %, it is presumed to be declared under the same mode.
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