section 44AF
This query is : Resolved
31 March 2011
sec 44AF is mandatory or optional?
31 March 2011
It is optional.
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)?
Can assessee rectify such mistake after intimation 143(1)?
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
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
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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?
any consquence about this matter?
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.
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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