Application of sec 44ad after filing the original return

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

22 August 2016 The assessee has filed his return and computed his total income as per IT provisions (did not calculate u/s 44AD). His case was selected for scrutiny u/s 142(1). Subsequently the ITO has pointed out some credits which he is proposing to add to his total income and tax. The assessment is still under process. The assessee is not having the details for those few cash deposits. Can the assessee file a revised return at this point of time and opt for Sec 44AD ie., pay tax @ 8% on the total receipts.

Amol S Joglekar

Amol S Joglekar (Expert)
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22 August 2016 find out the TRADE off between tax @ 8% versus proposed addition by the AO.

Querist : Anonymous

Querist : Anonymous (Querist)

23 August 2016 sir, my query is, can i opt for u/s 44AD once the case is selected for scrutiny u/s 142(1). The trade off is significant

Amol S Joglekar

Amol S Joglekar (Expert)
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23 August 2016 yes, you can revise before assessment is done.....

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Application of sec 44ad after filing the original return

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