turnover -50,00,000
net profit -5,00,000
can opt for 44AD
What type of Busniess you have ?.
4 Replies
prasad Nilugal
( GST Practitioner & Accounts )
(14801 Points)
Replied 23 June 2018
1) 44 Ad is appicable to Individual & partnership firm not LLP
2) Your total turnover or gross receipt in the previous year dose not exceed an amount of RS- 2 crore .
If you fufil above conditions then you can opt 44 AD as per the income tax act 1961 and you have opt this schme for 5 years .
CA Pratik Gelda
(Chartered Accountant)
(50 Points)
Replied 23 June 2018
Yes, you can definitely file return under section 44AD as long as profit margin is 8% or more and turover is upto ₹ 2 crores. To know more about section 44AD, 44ADA and 44AE, you can read this post. - Guide to Presumptive taxation (section 44AD, 44ADA and 44AE.
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