The assesse had filed return for the F.Y 2018-19 by opting presumptive basis u/s 44AD. However, in the F.Y 2019-20, the assesse's turnover crossed Rs. 2 Crore and could not file return opting presumptive basis as he became ineligible. Can the assesse, again opt for filing return u/s 44AD if the turnover is less than Rs. 2 crore during the F.Y. 2020-21 as he did not voluntarily opt out of presumptive basis in the F.Y 2019-20?
1 Replies
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 27 March 2021
No, he cannot opt for presumptive taxation as he has already crossed the threshold limit in FY 19-20 as under presumptive taxation if opted then it should be maintained for 5 years and if in between the turnover crosses the limit then it will be ineligible for again opting 44AD
Recent Topics
- Profit or Loss on Sale of Assets Accounting treatm
- Clarification on RCM on Rent Payment for QRMP Deal
- Reclaimed itc in gstr9
- Gamification in Accounting Software: Boosting Enga
- I want to knw Hsn code and gst rate of resin produ
- Schedule FA clarification
- Income tax on freelance income from crypto
- ITC temporary reversal and reclaim
- Query on Transactions
- Two GSTN under different PAN in same address
Related Threads
CAclubindia
