19 January 2022
DEAR SIR I AM A PROFESSIONAL HAVING GROSS FEES COLLECTON OF Rs 16 lakhs. IN THE PAST YEARS I USED TO FILE RETURNS U/S 44ADA OFFERING 50% OF FEES AS INCOME. BUT NOW I WANT TO KEEP ACCOUNTS AND SHOW LOWER INCOME. MY ACCOUNTS SHOW THAT MY NET INCOME FROM PROFESSION IS BELOW 50% OF GROSS FEES. CAN I OPT OUT OF 44ADA AND FILE RETURN WITH BALANCE SHEET /P&L ACCOUNTS - UNAUDITED - THANK YOU
19 January 2022
You can file return with P&L acc & BS, but as you are eligible for sec. 44ADA and declaring income less than 50%, you need to submit audit report u/s. 44AB(d) of IT act.
19 January 2022
No Sir, its ok. You can ask any query without hitch. It helps to clear doubt for everyone, even who comes across the post anytime in future.
CAclubindia
