First year turnover 1.5 Cr and section 44ad opted.
next year Turnover above 3 Cr.
Now section 44ad not applicable.
assume that my cash receipts and cash payment below 5%..
my question.. 1) once you opt section 44ad, you have to choose the same for next 5 year.. but in my case turnover is above 2 cr and now not applicable.. what are the implications..
2) 6% or 8% rule still applicable??
As you are saying us to assume your cash receipts and payments less than 5%. tax audit wont be applicable and you can go with normal return.
if you move out of 44AD due to applicability of other sections then the condition for 5yrs won't be applicable.
in this case you can and come to 44AD but no violation.
CAclubindia
