Presumptive taxation - 44AD

Tax queries 139 views 1 replies

Indira

1398 Points Joined May 2014

ITR was filed on presumptive basis for the last 2 years. However this year, we have loss from business, but have other incomes like capital gain and Income from other sources. If we come out of 44AD, will we be subjected to tax audit? What is the criteria?

Thanks

Replies (1)

David

article Assistant

1644 Points Joined July 2016

Tax audit is applicable if your turnover greater than 1 crore. If you withdrawn from presemtive taxation now,then you cannot opt presemtive taxation for next 5 years.