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Return filled u/s 44 ad

Karan Kacha (47 Points)

13 July 2018

last year I filled itr 4 u/s 44ad do I file itr 3 with regular books of account

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CA Sunil Kumar (Chartered Accountant) (4524 Points)
Replied 13 July 2018

Yes, you can file ITR 3 for assessment year 2018-19.

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177840 Points)
Replied 13 July 2018

"Last year I filled itr 4 u/s 44ad do I file itr 3 with regular books of account?"

No.

In that case you will be required to audit books of accounts, and file audit report.

As you opted for sec. 44AD for AY 2017-18, you should continue to file under the scheme at least for FIVE consecutive years....

Yes, if necessary you can file ITR3, but under sec. 44AD.....

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MAYANK KOTHARI (Expert) (26 Points)
Replied 13 July 2018

If you are opting for the presumptive scheme, you must

a. File presumptive scheme for at least 5 years in continuation

b. If you decide to show and file profits as per regular business (ITR-3) before the end of these 5 years, you will lose presumptive benefits and disallowed from presumptive taxation for the subsequent 5 years.

Please note that 5 years shall be counted starting the year in which you first file usual taxes for such business.

The government is discouraging taxpayers to misuse the scheme and keep changing their option often. So if you opt for presumptive continue for 5 years and if you want to opt out, you’ll be barred from resuming presumptive for a period of 5 years.

prasad Nilugal (3914 Points)
Replied 13 July 2018

As per section 44 ad sub secton 4 of the income tax act 1961 if you opt out the scheme ,you can not avail the benefits this scheme for next five years .