If a person has turnover of ₹ 1,20,00,000/- in 2017-2018 and has shown income u/s 44AD. In 2018-19, he has a turnover of ₹ 1,80,00,000/- and shown income as per audited accounts. In 2019-20, he has turnover of ₹ 80,00,000/-.
Now my question is that whether in 2019-20 he has to audit his account or he can show his income as normal business income
44AD Income
Replies (1)
You can not switch to presumptive scheme for 5yrs, once you get your accounts audited.
Recent Topics :
- Bill-to-ship-to material at client site, project c
- Export previously now to be considered domestic sa
- Pan surrender via online
- EPFO Portal Issue – Unable to Save Employee
- Plant & Machinary
- ITC reversal after supplier amended the recipient
- GIFTS TO USEFUL CONTACTS ON FESTIVALS INCOME TAX
- INTEREST ON REFUND OF TDS
- Input tax claim related
- User not found in MCA portal
Related Topics :
CAclubindia
