Section 44ad

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jitendra kumar (Querist)
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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?

thank in advance

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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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.

jitendra kumar

jitendra kumar (Querist)
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22 May 2018 thank you so much for answering the query very shortly

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