section 44AF

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CA Deepak jain

CA Deepak jain (Querist)

31 March 2011 sec 44AF is mandatory or optional?

CS LLB Pulkit Gupta

CS LLB Pulkit Gupta (Expert)

31 March 2011 It is optional.

CA Deepak jain

CA Deepak jain (Querist)

31 March 2011 an asseesse absence any information wrongly file return in base regular maintainance of account but asseesee intention return U/s 44 AF .
Can assessee rectify such mistake after intimation 143(1)?

CS LLB Pulkit Gupta

CS LLB Pulkit Gupta (Expert)

31 March 2011 See filing return U/s 44AF means u gave accepted ur profit at the rate of 5%.
If u want to file it at lesser profit then return s'd be revised and proper book of accounts s'd be maintained.
Other views are welcomed

Message likes : 1 times

CA Deepak jain

CA Deepak jain (Querist)

31 March 2011 earlier assessee filed return in no account case but now file in regular account maintain basis . assesee cover u/s 44AF
any consquence about this matter?

Aditya Maheshwari

Aditya Maheshwari (Expert)

02 April 2011 If now assessee wants to show lesser profit then he will have to get his accounts audited u/s 44AB. And getting it audited at the time of filing revised return will call for penalty u/s 271B. So take precautions on both ends.

Also returns can be revised even after intimation is issued but the time limit for revision of return u/s 139 should not have elapsed.

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