Section 44 ad

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 July 2011 Sir I have two queries regarding persons who have sales less than 60 lakhs but going for audit as they want to show profit less than 8% (Section 44AD):-
1. Whether digital signature compulsion provision apply to them? In digital signature amendment it is written it applies to assessees covered under Section 44AD. Please clarify.

2. Also confirm me the due date of filing of their returns i.e. whether it is 31st July or 30th Sep. ?
Please resolve my these 2 problems at the earliest.

CA Ashwani Agarwal

CA Ashwani Agarwal (Expert)
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26 July 2011 1. Yes, it is applicable to persons who are getting their accounts audited as they are not fulfilling the conditions of 44AD. In this situation, the audit is done u/s 44AB and the notification says that all persons getting their accounts audited u/s 44AB have to file their return using digital signature.

CA Ashwani Agarwal

CA Ashwani Agarwal (Expert)
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26 July 2011 2. If you are getting your accounts audited, then as per section 139(1), last date for filing of returns is 30th september.

Querist : Anonymous

Querist : Anonymous (Querist)

30 July 2011 Thanks sir.

Please also tell whether these firms have also to comply with TDS Provisions as these are applicable to audit firms only who were liable to audit last year?

CA Ashwani Agarwal

CA Ashwani Agarwal (Expert)
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30 July 2011 In TDS Provisions, it is written that an individual or HUF has to cut TDS only if their Turnover exceeds 60/15 lakh in the previous year.

As this is not the case, so you are not liable to deduct TDS.

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