Opting out from 44ad

06 September 2023

Last three years opted 44ad for my business. This year I stopped buisness and joined a job. Wheather I need to go for audit this year???

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3 Replies

CA Aakarsh Jain (CA) (10318 Points)
Replied 06 September 2023

No, you don't need to do an audit in CY if profit from business is more than 8%. If you need to discuss this in detail, then please check your inbox.

Eswar Reddy S (CFO- at NHTF) (58259 Points)
Replied 06 September 2023

You may file ITR-1 instead of ITR-4.

If you want to continue 44AD then declare notional Income under 44AD

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RAJA P M ("Do the Right Thing...!!!") (127911 Points)
Replied 06 September 2023

Yes I agreed with Mr Eswar Reddy,

@ Jai shree Narayan,

No need audit,You can file ITR 1

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