U/s 44AB
This query is : Resolved
01 July 2009
Hi,
An Individual Professional was got more than 10 lakhs in the Financial year 2007-08 and he had covered U/s. 44AB so he had filed the Income Tax Returns with 44AB audit report and for the next year i.e., 2008-09 is his income is not more than 10 lakhs so whether he need to file the normal returns or need to file 44AB reports?
Please clarify the same
Regards
Nagaraju
An Individual Professional was got more than 10 lakhs in the Financial year 2007-08 and he had covered U/s. 44AB so he had filed the Income Tax Returns with 44AB audit report and for the next year i.e., 2008-09 is his income is not more than 10 lakhs so whether he need to file the normal returns or need to file 44AB reports?
Please clarify the same
Regards
Nagaraju
CA.Tarun Maheshwari
(Expert)
01 July 2009
He is not required to file Audit report u/s 44AB. Under Income Tax, each assessment year is treated as saperate assessment year. File normal return.
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