I was filing a return U/s. 44AD from A.Y. 2020-21 where turnover was Rs. 20 lacs and showing profit as 8% . Now for A.Y. 2023-24 his turnover has increased to 1 cr and actual profit is coming to Rs. 5 lacs after adjusting all expenses.
I want to know can I switch back to preparing normal books of accounts and show profit of Rs. 5 lacs as selecting 44AD for filing return will result in higher profit.
CAclubindia
