Ad Free CAclubindia and Daily Updates on your Mobile. Subscribe Now!

Applicability of Presumptive taxation

10 October 2022

I have been showing income u/s 44AD since 17-18, but i haven't shown income from business in AY21-22 & again started showing income u/s 44AD from AY22-23.

So, my query is whether I am liable to show income u/s 44AD until next 5 yrs, or is this the last year for 44AD?

Reply
Follow
Share

6 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177713 Points)
Replied 10 October 2022

Hope you had no business income in FY 2020-21.

In that case, AY 2022-23 is 5th year in continuation...

1 Like

Upgrade to CAclubindia Pro. Subscribe Now!

Akshat Varaiya (229 Points)
Replied 10 October 2022

I didn't had any business income in FY20-21

rama krishnan (12239 Points)
Replied 11 October 2022

I think there's no bar in filing ITR under 44AD

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177713 Points)
Replied 11 October 2022

As said earlier, you are not required to continue it till next 5 years, but filing u/s. 44AD is mandatory for current year, otherwise tax audit will be applicable.

1 Like