Section 44AD
This query is : Resolved
18 September 2008
Dear Team,
If an assessee has filed his income tax return for assessment year 2004-2005 and 2005-2006 before due date in the past and declared his income u/s 44AD @ 8% on his gross receipts and came to know today he had not undisclosed some receipts in those returns, can he file revised return for these assessment years today. Please confirm.
Also, he had not filed the returned for assessment year 2006-2007 and 2007-2008 till now. What would be time limit to file the income return for these assessment years and can he incorporate the undisclosed receipts for previous years in AY 2006-2007 return?
Please clarify and revert.
Thanks & Regards,
Milind Telawane
If an assessee has filed his income tax return for assessment year 2004-2005 and 2005-2006 before due date in the past and declared his income u/s 44AD @ 8% on his gross receipts and came to know today he had not undisclosed some receipts in those returns, can he file revised return for these assessment years today. Please confirm.
Also, he had not filed the returned for assessment year 2006-2007 and 2007-2008 till now. What would be time limit to file the income return for these assessment years and can he incorporate the undisclosed receipts for previous years in AY 2006-2007 return?
Please clarify and revert.
Thanks & Regards,
Milind Telawane
18 September 2008
time limit for revised return has elapsed for a.y 2004-05 & 2005-06.
time limit for filing of return has also elapsed.
but u can file the return for a.y 2007-08 till 31/3/09.
time limit for filing of return has also elapsed.
but u can file the return for a.y 2007-08 till 31/3/09.
19 September 2008
Please advise the course of action to be followed to regularise the income tax returns for AY 2006-2007 and 2007-2008.
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