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suresh (student) (82 Points)

21 April 2018

My business turnover is Rs.80 lakhs for the A.Y 2017-18 and filed my return un/s 44AD and my business turnover for the A. Y 2018-19 Rs.3,40,00,00/-. Pls suggest me whether i have to file return of income U/s 44AB or 44AD as per amendment u/s 44AD (4) AND 44AD(5).

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4 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177877 Points)
Replied 22 April 2018

As section 44AD not applicable, adopt normal assessment...... (u/s. 44AA & 44AB)

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Saifullah Khalid (Autodidact/Curious ) (633 Points)
Replied 22 April 2018

Originally posted by : suresh
	My business turnover is Rs.80 lakhs for the A.Y 2017-18 and filed my return un/s 44AD and my business turnover for the A. Y 2018-19 Rs.3,40,00,00/-. Pls suggest me whether i have to file return of income U/s 44AB or 44AD as per amendment u/s 44AD (4) AND 44AD(5).

Are you missing a " zero " in that above (BOLD/Underlined) figure ?..... if the answer is " NO " then your above given turnover is well within the upper threshold for 44AD ..
OR your problem is with declaring lower then specified percentage of net profit resulting in attraction of clause/subclause 44AD(4) and 44AD(5) ?

suresh (student) (82 Points)
Replied 23 April 2018

Thank u My turnover is 3,40,00,000/- then tell me what to do sec 44AB OR NOT I want to declare 4% on turnover. then suggest me.

Saifullah Khalid (Autodidact/Curious ) (633 Points)
Replied 23 April 2018

Originally posted by : suresh
	Thank u My turnover is 3,40,00,000/- then tell me what to do sec 44AB OR NOT I want to declare 4% on turnover. then suggest me.

YES , 44AB audit is compulsory/mandatory in your case .....