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44AD READ WITH 44AB

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(Querist)
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
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Harshit Bangar

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Harshit Bangar (Expert)
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.
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RAJA P M

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RAJA P M (Expert)
31 July 2020 Mr P Madhivadhanan.,
Your query not cleared. Which section based filing the said ITR...??? Are You filed ITR u/s 44ad or 44AB...?
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
14 October 2021 No penalty; but he should file audit report u/s. 44AB(e) within extended time period.
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