One of my client has filed return 44AD for AY 19-20 how ever for AY 20-21 turnover is expected to be approx 1.7cr and he doesn't wishes to show follow the presumptive 8% of profit he wish to show net profit below 8% please advice....
5 Replies
A B Kundu
(Professional)
(1422 Points)
Replied 24 February 2020
He can do show but sec.44AB will attract in that case.
SOHAN LAL
(Manger Accounts & Finance)
(363 Points)
Replied 24 February 2020
In that case section 44AB applicable. He should be mention Books of Account & Audited By CA
Vinay Jaindani
(188 Points)
Replied 24 February 2020
yea but according to presumption rule if a person has opted for the same he should continue presumption filing for continous period of consecutive 5years in that case will his 19 20 be invalidated??
Kapadia Pravin
(17259 Points)
Replied 24 February 2020
In between if you dis-continue 44AD then for next 5 AY you won't be eligible for 44AD presumptive taxation.
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 25 February 2020
No.He just loose benefits of presumptive scheme for subsequent years.
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