one of my client had apdopted
44ada for fy 17-18 for technical consultancy , now in fy 18-19 he had stopped this business and he is studying from fy 18-19 now what will be consequence if i do not show 44ada income . Does he need to get his books of account
audited as he is not continuing 44ada for 5 years ?? please help
7 Replies
Ashwin Kumar
(1234 Points)
Replied 12 May 2019
has the service been discontinued or is the client still in an idea to resume providing services after a small time
Ashwin Kumar
(1234 Points)
Replied 12 May 2019
no need of auditing books of accounts...books need to be audited if profit shown less than the limit specified under 44ab or gross receipts are above the limit specified in 44ada.....
riddhi
(student)
(85 Points)
Replied 12 May 2019
Thanks for reply sir ...He is in 4th year IIT and last year he did not had any income apart from some money from fd s is it will be ok if Itr will be filed showing other sources income only and no Business income??
Ashwin Kumar
(1234 Points)
Replied 12 May 2019
in the absence of income there will be no tax liability on it...you can proceed with iOS..
Gaurang D Patel
(Article)
(56 Points)
Replied 12 May 2019
if think so i can't claim 44ada for next 5 years as per the new provision introduce in act..
riddhi
(student)
(85 Points)
Replied 12 May 2019
Thanks for reply Ashwin sir...and Gaurang sir..and yes and he is in no plan to continue technical consultancy as he want to pursue job
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