Dear experts,
My client got his accounts audited last year. This year he wants to go for presumptive sheme. Can he audit in next year? Or he has to compulsorily go for next 5 years?
Thanks in Advance
2 Replies
Adv. Ravish Bhatt, ADIT, CIOT
(Dual Qualified Lawyer/ Solicitor International Tax Affiliate CIOT)
(1110 Points)
Replied 15 September 2022
Presuming that we are talking about presumptive taxation under 44AD, he can opt out of presumptive taxation in any year but once having opted out, he will not be eligible for succeeding five years to opt for presumptive taxation in terms of 44AD(4)
Max Hudson
(2 Points)
Replied 21 February 2023
Want to pay your attention that you may reduce cost by using outsourcing company.
Recent Topics
- GST ON HOTEL ROOMS details
- Relief for Delayed Filing of Tax Forms
- Expire stock
- INCOME TAX AY 25-26
- Experienced CA firm for accounting & auditing
- Regarding Perquisite Tax on ESOP - Unlisted Compan
- Casual Taxable Person under GST
- Extended Date of GSTR-1 for the month of July 2020
- NRO Interest - Taxed at source and in Foreign Coun
- Clarity needed on effective date
Related Threads
CAclubindia
