22 May 2018
hi my client has filed income tax return for AY 2015-16 and 2016-17 on presumptive basis. he has not filed any income tax return for AY 2017-18. as per income tax if you opt out under presumptive basis then you can not file return on presumptive basis for next 5 years. my query is not filing of return is equivalent to opt out from presumptive income?
22 May 2018
Section 44AD guides the assessee how to compute the profit of the eligible business. In your case though return for AY 2017-18 has not been filed but the assessee can compute his business profit in accordance with Section 44AD, and if he does so, he can file return U/s 44AD in the succeding AYs.
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