Section 44AD restriction
palika rastogi (palika) (195 Points)
08 August 2018
Please explain the restriction of Section 44AD for 5 years.
3 Replies
prasad Nilugal
(3914 Points)
Replied 08 August 2018
One's you opt out of 44 Ad scheme ,you can't avail for next. 5 years .
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 08 August 2018
https://cleartax.in/s/itr4
CA Neelima Kotha
(Consultant)
(606 Points)
Replied 08 August 2018
In case you opt for presumptive taxation under section 44AD in a year, then you must opt the presumptive scheme for at least 5 years in continuation. If you opt out of the scheme, then you will not be allowed to file under presumptive scheme for the subsequent 5 years.
For example, you opted for 44AD for FY 2017-18, then you need to continue the scheme upto FY 2022-23. Suppose, you opt out of the scheme in FY 2020-21, then you cannot file under presumptive scheme upto FY 2025-26.
For example, you opted for 44AD for FY 2017-18, then you need to continue the scheme upto FY 2022-23. Suppose, you opt out of the scheme in FY 2020-21, then you cannot file under presumptive scheme upto FY 2025-26.
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