in assesememt year 2018 19
turnover was 10 lakhs and 44AD adpoted
in assessment year 2019 20
turnover was 80 lakhs
and audit was done
now in assesemt year 2020 21
turnover is 60 lakhs
can we adopt 44AD now?
5 Replies
prasad Nilugal
(3914 Points)
Replied 03 January 2021
Ones opt out of you presumptive scheme then you can't opt in for 44AD again for 5 years .
Balamurali Unnithan MS
(STUDENT)
(1631 Points)
Replied 03 January 2021
File ITR 4 , Presumptive taxation
Smit Shah
(524 Points)
Replied 03 January 2021
Us 44ad once you show profit of any assessment year succeeding the assessment year in which you first selected that option you cant show your income as per this section until 5 years
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