Yogeshwar Muthe (Student CA Final ) (24 Points)
29 May 2018
CA. Siva Nagaraju
(Practicing Chartered Accountant)
(560 Points)
Replied 29 May 2018
I think you may have to get your books of accounts audited since it falls under sub section 4 of Section 44AD.
Sourav Mittal
(Still Learning)
(146 Points)
Replied 29 May 2018
you need to get your books of account audited.
CA Mayur Todmal
(Practicing CA)
(7756 Points)
Replied 29 May 2018
| Originally posted by : CA. Siva Nagaraju | ||
 |
I think you may have to get your books of accounts audited since it falls under sub section 4 of Section 44AD. |  |
not req , as he is not opting for presumptive taxation
44ad(4): Where an eligible assessee declares profit for any previous year in accordance with the provisions of this section and he declares profit for any of the five assessment years relevant to the previous year succeeding such previous year not in accordance with the provisions of sub-section (1), he shall not be eligible to claim the benefit of the provisions of this section for five assessment years subsequent to the assessment year relevant to the previous year in which the profit has not been declared in accordance with the provisions of sub-section (1).
CA Mayur Todmal
(Practicing CA)
(7756 Points)
Replied 29 May 2018
44ad (4) says
assessee Carrying on the business and is not eligible to claim presumptive taxation under Section 44AD due to opting for presumptive taxation in one tax year and not opting for presumptive tax for any of the the subsequent 5 consecutive years
and
If income exceeds maximum amount not chargeable to tax in subsequent 5 consecutive tax years from the tax year where presumptive taxation is not opted for
req to maintain books and get it audited
Dineshchandan
(articled assistant)
(84 Points)
Replied 31 May 2018
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