Due date for filling return of income.

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Neerav Agarwal (Querist)
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09 September 2011 In case of Audit under section 44AD, for showing income less than presumptive income, what should be the due date for filling return of income?

CMA Ashutosh Kumar Gupta

CMA Ashutosh Kumar Gupta (Expert)
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09 September 2011 1. In case assessee declaring profit lower than 8% of Tunrover/Gross Receipts due date for filing of Return will be 30th Sept, since Books of Accounts are required to be audited u/s. 44AB.
2. If an assessee is not required to file his Income Tax Return u/s. 139(1), he is not required to audit his Books of Accounts u/s. 44AB even if he has declared profit below 8% of Gross Turnover u/s. 44AB. An Individual/ HUF is not mandatorily required to file his/its Income Tax Return if his/it’s income (without claiming deduction u/s. 10A, 10B, 10BA, 80C TO 80U) does not exceed the amount of basic slab. (which is Rs. 160000/- for A. Y. 2011-12). Thus Individual/HUF having no other income & turnover below Rs. 20 lacs (160000/8 *100) will not be covered u/s.44AD.

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