A client has shown his income under 44ad in FY 15 16...shwng net profit of minimum 8%....
later in FY 16 17,he went intoo audit bcz he had shwn net profit of 6% ..
Now in Fy 17 18 he has net profit of 8.06%.So can he again opt for 44ad..or he has to go into tax audit by maintaining books of acs.???
please clear
2 Replies
CA Jitender Yadav
(Sr. Finance Executive)
(261 Points)
Replied 16 July 2018
He Can adopt for section 44AD if his Gross reciept is less than Rs. 2 cr. However 5 Year lock in period must be considered while taking decision to avail benefit of section 44 AD.
Recent Topics
- CLAIMING OF U CLAIMED RCM
- Building construction works
- REGARDING GSTR-9 F.Y 2023-24
- Rectification to decrease income in SCHEDULE OS
- Can Statutory Auditor of a subsidiary become concu
- Client Asking for the Revised Invoice
- Share office desk in bkc, near family court
- 80D claim for payment paid by parent
- TDS on purchase of Flat under subvention scheme be
- GST registration for medical shop in Karnataka
Related Threads
CAclubindia
