Ref u/s 44ad of income tax act

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

08 September 2011 one has filed a return of AY 11-12 on 02-08-2011 (due Date 31/7/11) declaring a income from business of192000/-.His Turnover is3893600/-.The returned income is below 8%
After filing the return he note the 44Ad Section ( dec income @8%) and met me.
I have suggested him to file the revised return by declaring 8% of profit and pay the tax applicable.
I am I correct ? Mainly i am dealing only VAT cases.
there is any penalty provisions for doing so ? Plz

CA Ashwani Agarwal

CA Ashwani Agarwal (Expert)

08 September 2011 a belated return cannot be revised and since the return is belated in your case so it cannot be revised.

Querist : Anonymous

Querist : Anonymous (Querist)

08 September 2011 belated ? we may file it before 31.03.2012

CA.E.Deepan Chakravarthy

CA.E.Deepan Chakravarthy (Expert)

08 September 2011 I agree with Agarwal sir. It cannot be revised and it is to be audited. Your client has to face penal consequence for not auditing the case u/s.44AB.

CA Ashwani Agarwal

CA Ashwani Agarwal (Expert)

08 September 2011 Yes you can file it before 31.03.2013 infact but the due date was 31.07.2011 and any return filed after that date is known as belated return u/s 139(4) of Income tax act and the same cannot be revised.

Querist : Anonymous

Querist : Anonymous (Querist)

09 September 2011 just think, if income is changed we filing revised ITR by paying taxes with interests.

just like he declaring the profit @ 8% and paying the taxes.then what is the purpose of audit ?