Lila (Job) (512 Points)
29 July 2022I was declaring income u/s 44AD. Later I introduced one more line of business. Can I show my earlier business under 44AD and new as normal business income (as it is a agency business).
If not, will I have to get my accounts audited for moving away from 44AD.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177852 Points)
Replied 29 July 2022
1. For first answer there are different views on the line, In my opinion the business which was declared under 44AD should be continued to be declared under the same assessment option. To support my view, the ITR accepts the same, and it gets assessed also without any query from ITD.
But not all of my colleagues here accept the opinion.
2. In case no, no question of audit, as the section is not opted out, but not eligible.
CAclubindia
