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Income Tax Return

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(Querist)
22 October 2009 1) What is last date for filing a return if i have IT refund? Till i have not filed return for the A.Y 2009-10. Am i liable to pay any penalty? And
2)what percentage of tax to be calculated on 8% profit calculated u/s 44AD.
Please reply me.
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Rajeev

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Rajeev (Expert)
23 October 2009 U can file a belated return upto 31/3/11 for AY 2009-10

If its a refund no penalty can be levied if the return is filed before 31/3/2010.

8% will be deemed to be your book profit u/s 44AD Normal slab rate
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CA RAMESH KUMAR AHUJA

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CA RAMESH KUMAR AHUJA (Expert)
23 October 2009 Agree with the expert
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CA SANJAY MUKHERJEE

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CA SANJAY MUKHERJEE (Expert)
23 October 2009 Agree with expert.
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Jaffer.K

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Jaffer.K (Querist)
24 October 2009 Thank u all.
What percentage of Income Tax to be charged on 8% profit?
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CA RAMESH KUMAR AHUJA

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CA RAMESH KUMAR AHUJA (Expert)
18 November 2009 THere is no special rate for such income. Tax is payable at normal rates.
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