Sec 44ad in revised return
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 March 2012
Assessee filed IT return withour disclosing few income credits. Normal B/s PL was prepared & submitted with orig return. can a revised return be filed with 44AD and incl undisclosed income with orig declared income and declare a fixed % of income & pay tax ignoring B/s PL which was filed already? what are pros & cons if adopt this. can sec 44ad be used just in revised return?
08 April 2012
Yes you can file a revised return provided the original return was submitted in time and the time for filing revised return is no over. If by chance the turnover is more than the limit prescribed u/s 44AB then audit is compulsory and be ready for penalty for not getting accounts audited in time.
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