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Section 44ad

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Querist : Anonymous

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Querist : Anonymous (Querist)
16 June 2017 In financial year 2014-15 and 2015-16 I had opted for section 44AD(1). In financial year 2016-17, I declared profit less than 8% and hence audited the books of accounts u/s 44AB. Can I opt 44AD(1) in financial year 2017-18 and on wards.
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
16 June 2017 unfortunately no. you cannot change position for next 5 assessment year. Read the https://cleartax.in/s/section-44ad-presumptive-scheme
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Amol S Joglekar

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Amol S Joglekar (Expert)
16 June 2017 Since you opted for regular scheme, now you can opt for presumptive basis.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
16 June 2017 You cannot change position for next 5 assessment year. I agree with the reply of Mr.Nikhil Kaushik.

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