Valerian Dsouza (Manager Audit & Taxation) (413 Points)
05 April 2017An assessee opting for Section 44AD – presumptive scheme for Assessment year 2017-18. However in Assessment year 2018 -19 no business. In such scenario, atleast 5 years in continuation could not be maintained. So will the assessee be denied presumptive scheme for Assessment year 2017-18?
Thank you in anticipation of kind response.
Valerian Dsouza
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(170170 Points)
Replied 05 April 2017
"However the Budget 2016 provides that where an eligible assessee declares profit for any previous year under Sec 44AD and the elegible assessee has not declared income u/s 44AD in any of the five consecutive assessment years succeeding the assessment year in which the income was declared u/s 44AD, , then he shall not be eligible to claim the benefit of declaring the income on presumptive basis u/s 44AD for five assessment years subsequent to the assessment year in which the profit has not been declared under sec 44AD.This limitation will take effect from F.Y. 2016-17"
Simple interpretation is the disallowance is for subsequent years.
So, in your case, it will not be disallowed for preceeding year 2017-18.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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