Applicablity of sec. 43b where income is shown u/s 44ad
This query is : Resolved
Chandan B.patel
(Querist)
24 February 2012
I have shown income u/s 44AD in A.Y. 2011-12. Whether I have to comply with section 43B even in this case ? Kindly guide.
CA PARAS BAFNA
(Expert)
24 February 2012
As the income is being shown on presumptive basis in pursuance of the provision of Section 44AD(1), it will be deemed that , even if something contrary has been prescribed in Section 28 to Section 43C, that will not prevail.
.
Section 43B , is basically shifting the expenditure from the year, when such expenditure has been accrued to the year, in which payment is being made. It does not grant any extra fresh deductions.
.
So, it is not necessary to comply, and whenever you comply , you will not get any benefit in the year of payment.
.
.
Section 43B , is basically shifting the expenditure from the year, when such expenditure has been accrued to the year, in which payment is being made. It does not grant any extra fresh deductions.
.
So, it is not necessary to comply, and whenever you comply , you will not get any benefit in the year of payment.
.
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