Hello CAclubindia Team,
I used to file ITR 3 every year for my business every year with Maintaining book of accounts (No audits because of less than 20 lakh)
It's almost 4 years with ITR 3 with PROFIT & LOSS and Balance sheet. NOW if I file my tax UNDER ITR 4 44AD presumptive income 6%(Digital), It will affect or I will get notice from income tax dept. for changing and not paying taxes because in this section there is no tax upto 45L (6% digital)
what do you say?
you can file itr -4 but lock in period is 5 years
I know about 5 Year lock-in. Tell me about other things, Is 44ad is only business (buying selling goods) ?
u have to show gross receipts
and take profit 8% or more
and pay taxes accordingly
| Originally posted by : NAVEEN CHAND | ||
 |
u have to show gross receipts and take profit 8% or more |
 |
Yup but in my case all digital income it is 6% right.
Is 44ad is only business (buying-selling goods) ? My business is Advertisement (Can i file under 44ad)
ANY CA will help me ?
If I filed continuously 5 years u/s 44AD, after that I will be granted to file agains U/s 44AD or what?
| Originally posted by : Nikki Goel | ||
|
yes u can avail this benefit if you receive all your receipts digitally 44ad is not just for merchandise business | |
My business is outside India only. It's only between ME and Another Foreign company. So the thing is Foreign company gives Advertisement independently to me & I promote it after that we share 68% and 32% with each other. What do you think mam ?
CAclubindia
