44AF
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 July 2011
Actually my client is doing retail business in Uttar Pradesh he is operating Bank Account but all the transaction is in cash,
1) Purchases of Rs. 2600000.00
2) Sales of Rs. 2800000.00
Can we file Income Tax return under Section 44AF
is there applicable U/s.40A(3)
Kindly Advise
1) Purchases of Rs. 2600000.00
2) Sales of Rs. 2800000.00
Can we file Income Tax return under Section 44AF
is there applicable U/s.40A(3)
Kindly Advise
12 July 2011
44AF is related to transport only, 44AD applicable
how he can make such turnover in pure cash? does not not carry any other tax liability other than incometax? if yes follow the records and returns of the other tax liability sides to ascertain the correct output.
how he can make such turnover in pure cash? does not not carry any other tax liability other than incometax? if yes follow the records and returns of the other tax liability sides to ascertain the correct output.
12 July 2011
if turnover below the specified limit 40A(3) is not applicable.
You can also allowed to file in 44AF.
You can also allowed to file in 44AF.
12 July 2011
You can avail the benefit of 44AF and file the return. In 44AF all expenses are deemed to have been allowed and only the profit is to be considered and none of the other provisions shall be applicable. The provision of 40A(3) shall not apply even if the payment has been made in Cash
14 July 2011
First of all, Section 44AF is not applicable from Assessment Year 2011-12. You can file your return U/s 44AD. Section 40A(3) is not applicable in case you opt to disclose your income U/s 44AD.
If you have to file ITR for A/Y 2010-11, you can file the same under section 44AF. Section 40A(3) is not applicable in case you opt to disclose your income U/s 44AF for Assessment Year 2010-11.
If you have to file ITR for A/Y 2010-11, you can file the same under section 44AF. Section 40A(3) is not applicable in case you opt to disclose your income U/s 44AF for Assessment Year 2010-11.
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