FY 17-18 IT RERUN FILED UNDER 44AD partnership firm

[RAHUL GAIKWAD]

I have Filed partnership it return for FY 17-18 u/s 44AD and declares profit 9% my turnover was arounf 4lakh. Now I am want to File regular Return and declaring 5% profit my turnover is 10 lkah in FY 18-19 .

Can I file IT Return without Tax Audit.?

[Guest]

Hello Sir

Yes you can find the regular return. But then you can not opt for Sec 44AD for next 5 years. If your taxable income exceeds 250000, you will be required to maintain books of accounts and also get the tax audit done.

[RAHUL GAIKWAD]

For Partnership Firm Taxable Income starts from ₹ 1.? Then

AI Summary

Presumptive taxation: switching to regular return bars re-entry to scheme five years and triggers tax audit if income exceeds threshold. Electing to file a regular return after previously using the presumptive taxation under section 44AD prevents re-entry into the presumptive scheme for five years; if the partnership's taxable income exceeds the advisory's referenced threshold, the firm must maintain books of account and obtain a tax audit.