30 July 2020
AN ASSESSEE WHO FILED THE RETURUN OF INCOME FOR AY 2018-19 U/S44AD READ WITH SECTION 44AB. NOW HE WANTS TO FILE THE RETURN FOR AY 2019-20. THE DATE OF FILING RETURN EXTENDED UPTO 30SEPTEMBER2020. I WANT TO KNOW WHETHER EXTENDED APPLICABLE TO THE ASSESSEE CASE. IF THERE IS ANY PENALTY NON FILING OF AUDIT REPORT WITHIN OCTOBER 2019
30 July 2020
Once a taxpayer opts for this scheme than it would be beneficial for him to file his next 5 year’s income tax return in the same scheme only. (Applicable From the Financial year 2016-17 i.e AY 2017-18)
But
If he decides to OPT-OUT of the scheme in any of the next 5 years than he will be DISALLOWED from this scheme for the next subsequent 5 years.
Not only this, If his total income exceeds the maximum amount not chargeable to income-tax [In AY 2019-20 for normal taxpayer it is Rs.2.5 lakh] than-
He has to keep and maintain books of accounts [section 44AA(2)], and He will also be required to get his accounts audited (Tax Audit under section 44AB) It’s a sort of penalty.
CAclubindia
