In AY 2017-18, my client has a business income exceeding 1cr and had a loss of 10 lacs from business. On a safer side they conduct a TAX AUDIT u/s 44AB (e) in AY 2017-18.
now in AY 2018-19 they have
business income of Rs 14 lacs and offering more than 8% profit (i.e. 15%).
now i requiered to do a TAX AUDIT u/s 44 AD for five consicutive years?
12 Replies
CA Bhavik Soni
(867 Points)
Replied 20 August 2018
If normal return filed in AY 2016-17, then you can opt 44AD for AY 2018-19
If you have opted 44AD in AY 2016-17, you have to do Audit u/s 44AA. Because from AY 2016-17, once you switch in 44AD and then switch out, you can not re-enter to opt 44AD till five consecutive years.
Hope your query resolved.
Follow me on twitter for more updates @ cabhaviksoni
If you have opted 44AD in AY 2016-17, you have to do Audit u/s 44AA. Because from AY 2016-17, once you switch in 44AD and then switch out, you can not re-enter to opt 44AD till five consecutive years.
Hope your query resolved.
Follow me on twitter for more updates @ cabhaviksoni
Vinod Babu
(24191 Points)
Replied 21 August 2018
What is the last date for filing IT without audit u/s 44AA??
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 21 August 2018
@ Aliasgar.,
Your Previous AY 17-18 Loss and Filed u/s 44ab then You cant take ITR 4 in AY 18-19...
Better to file ITR 3 and C/f Your Loss...
Your Previous AY 17-18 Loss and Filed u/s 44ab then You cant take ITR 4 in AY 18-19...
Better to file ITR 3 and C/f Your Loss...
CA Bhavik Soni
(867 Points)
Replied 21 August 2018
@ RAJA P M
sorry to interrupt, but as the assessee had not still opt 44AD, he can opt 44AD in AY 2018-19 and can file itr 4. restriction is for re entry in 44AD after switch in and then switch out.
sorry to interrupt, but as the assessee had not still opt 44AD, he can opt 44AD in AY 2018-19 and can file itr 4. restriction is for re entry in 44AD after switch in and then switch out.
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 21 August 2018
Once read and when applicable the sec as Your last reply...
Read again the 1st query and match with Your replies how it's suitable...
Also check out or refer the sec 44AD related applicable and restrictions for opt or opt out...
Read again the 1st query and match with Your replies how it's suitable...
Also check out or refer the sec 44AD related applicable and restrictions for opt or opt out...
CA Bhavik Soni
(867 Points)
Replied 22 August 2018
dear sir, there is no restrictions to opt 44AD first time. kindly refer 44AD (4)
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 22 August 2018
| Originally posted by : CA Bhavik Soni | ||
 |
dear sir, there is no restrictions to opt 44AD first time. kindly refer 44AD (4) |  |
Dear Sir CA BHAVIK SONI SIR.,
No more restrictions if newly opt u/s 44Ad based on itself...
I'm not against sec 44AD. I just note above said Loss...
(I / Any Others are refer or not as per Your words in Forums like refer sec ..... It,s not a matter queriest or Any Others understand the Rules and Laws and Sections. If they are refer and understnding the laws/rules/section after refer then why thwy will come CCI and ask their doubts... They can't understand the laws so only they ask query. They means including me...)
Please don't be say to querist "REFER THE SECTION ... IF ALL ARE REFER AND UNDERSTAND THE LAWS THEN NO ONE HERE....
CA Bhavik Soni
(867 Points)
Replied 23 August 2018
dear raja p m sir, refer your earlier reply. hope you got it.
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 23 August 2018
Bro., I think You can't get my reply what I said....
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