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 ?

CA. Nitin Agrawal

CA. Nitin Agrawal (Expert)
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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.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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06 October 2011 Since the gross receipts exceeded Rs. 60/- lakhs, section 44AD is not applicable in the cited issue.

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