Dear All,
If a person has filled a return for the first year under Section 44AD (Presumptive Taxation) than than can ne file return under normal provisions of Income Tax.
Please clarify, thanx in advance
CA Shruti kuchhal (CA ) (427 Points)
16 August 2018Dear All,
If a person has filled a return for the first year under Section 44AD (Presumptive Taxation) than than can ne file return under normal provisions of Income Tax.
Please clarify, thanx in advance
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(170671 Points)
Replied 16 August 2018
As amended in finance act...... from 01.04.2017....... if an assessee has opted for sec 44AD in preceeding year, and has continued under it for not less than 5 years; s/he can opt out of the presumptive scheme only with more than 6/8% profits, or with tax audit liability for next five years......
CA Shruti kuchhal
(CA )
(427 Points)
Replied 16 August 2018
Thanx sir for the prompt reply. My client is showing a profit of Rs. 7.00 Lacs against the reciepts of Rs. 10.00 Lacs. can he file under normal provisions of IT Act
CA Shruti kuchhal
(CA )
(427 Points)
Replied 16 August 2018
And last year he has filed his first return
Hardik Bhayani
(17 Points)
Replied 16 August 2018
CA Shruti kuchhal
(CA )
(427 Points)
Replied 16 August 2018
Thanx to all very much, there is more question whether late fees paid on delay in filing GST return is an allowable expense or not
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
CAclubindia
