Ref u/s 44ad of income tax act
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 August 2011
from the query i know that audit a/cs of my client who is already filed the ITR4 with out audit declaring 5% of profit,without adding the Sec 44AD.can i suggest him now to get a/cs audit and file the revised return with audit report before 30th sept ? if there is any penalty provisions for doing so ?
10 August 2011
if you file audit report within the stipulated time and revise the return, then at 1st instance no penalty will be imposed, provided the income does not change.
However if the file is selected for regular assessment then such acts would be defined as concealment and avoidance of rules.
However if the file is selected for regular assessment then such acts would be defined as concealment and avoidance of rules.
10 August 2011
The client has filed the return without your knowledge, let him take the decision whether he wants to get his accounts audited or not?
Penalty is only 150000/- or half percent of turnover whichever is less, but it is for -not getting accounts audited.
If he gets his accounts audited he can be saved from penalty.
You can file revised return in this case if the client has filed his return on or before 31.07.2011 by showing 8% profit U/s 44AD , which will not attract any penalty.
Penalty is only 150000/- or half percent of turnover whichever is less, but it is for -not getting accounts audited.
If he gets his accounts audited he can be saved from penalty.
You can file revised return in this case if the client has filed his return on or before 31.07.2011 by showing 8% profit U/s 44AD , which will not attract any penalty.
10 August 2011
If your net profit is less then the minimum exemption limit then you are not required to get your accounts audited.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS 194-T applicability
- Fixe term employment
- Is any professional CA is here please reply
- GST ITC REVERSE
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Putting a heading on received mail
- Reprocessing of rectification order AY 2025-26
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Section 50-fixed asset-->building ceases to exist
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Regime change
- Consolidated financials
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
