Tax audit u/s 44ab, e-filing of return & sec.44ad
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 October 2011
1 )I have Gross Receipts of 61.50 Lakhs for the year ended 31.03.2011. My Audit has been completed by 30th September,2011. The Taxes due has been paid on 30th September,2011. But I could not E-file the Return by 30th September. Can I E-file the Return now ? What are the Consequences if I E-file the Return now ?
2 )My nature of Business is Software Service provider thru internet. Does Sec.44AD is attracted in this case ?
2 )My nature of Business is Software Service provider thru internet. Does Sec.44AD is attracted in this case ?
06 October 2011
Dear Anonymous
REG.1ST QUERY:
You can still file the ITR upto 31st march but that ITR will be called as BELATED RETURN U/s 139(4) and the consequences of which are as follows:
1. You will not be entitle to revise your
ITR
2. C/f of business losses & unabsorbed
depreciation will not be allowed.
3. Interest for late filling of ITR U/s
234A will be charged @1% for every
month or part of the month.
REG.2ND QUERY:
Sec. 44AD deals with "ELIGIBLE BUSINESS" which means (i) any business except the business of plying, hiring or leasing goods carriages referred to in section 44AE; and
(ii) whose total turnover or gross receipts in the previous year does not exceed an amount of sixty Lacs
According selling of software through internet will fall under sec 44AD.
Hope the query is clear
Further comments are invited from other experts.
REG.1ST QUERY:
You can still file the ITR upto 31st march but that ITR will be called as BELATED RETURN U/s 139(4) and the consequences of which are as follows:
1. You will not be entitle to revise your
ITR
2. C/f of business losses & unabsorbed
depreciation will not be allowed.
3. Interest for late filling of ITR U/s
234A will be charged @1% for every
month or part of the month.
REG.2ND QUERY:
Sec. 44AD deals with "ELIGIBLE BUSINESS" which means (i) any business except the business of plying, hiring or leasing goods carriages referred to in section 44AE; and
(ii) whose total turnover or gross receipts in the previous year does not exceed an amount of sixty Lacs
According selling of software through internet will fall under sec 44AD.
Hope the query is clear
Further comments are invited from other experts.
06 October 2011
Since the gross receipts exceeded Rs. 60/- lakhs, section 44AD is not applicable in the cited issue.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS 194-T applicability
- GST ITC REVERSE
- Fixe term employment
- Is any professional CA is here please reply
- TDS on TRUST
- Consolidated financials
- Putting a heading on received mail
- Withdrawal in cash from partners capital account by partner
- TDS on Complimentary "Desi Ghee and Gold Coin" Provided to KBC Contestants
- RCM ISSUE ON RENT AND TRANSPORTATION CHARGES
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
