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Business income u/s 44AD

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This query is : Resolved

HUZAIFA HUSSAIN (Querist)
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10 December 2009 My assessee is a builder and developer firm. Since past few years it was showing its income u/s 44AD.
Now the prob.is my assessee has sold a land and registered it in the month of march'09. Sale consideration is recd. part in march and major part in april'09. the total consideration is exceeding Rs.40 lakhs for sale of 2 properties. but if we split it into two years on cash basis the consideration is less than Rs.40 lakhs in each year.
Since in earlier years returns were filed u/s 44AD (assuming cash recd. basis). Even after registration of properties thasame can be filed u/s 44AD on cash receipt basis.

Kindly give ur opinion.
Thanks in advance

CA Sanjeev Kr Jain

CA Sanjeev Kr Jain (Expert)
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11 December 2009 44AD is when sale is below 40 lacs, since now sales is above 40 lacs than maintain books, get audited & file ITR

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