44ad presumptive

20 December 2018

Sir last year me filled in 44ad for these year don't want to take presumptive basis... Can i show less than 6% income now by filling itr3

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Sundararajan S (Final Student of ICAI) (1764 Points)
Replied 20 December 2018

Yes but for next 5 years you must get your books audited under section 44AB. You can't come back to 44AD for next 5 years if you opt for audit.

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Sarath Rajendran (Nil) (2791 Points)
Replied 20 December 2018

If your profit (Business) less than 8 % you must conduct a Tax audit

Sarath Rajendran (Nil) (2791 Points)
Replied 20 December 2018

If your profit (Business) less than 8 % you must conduct a Tax audit

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