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Income declared in section 44AF
Income from Agricultural based business is declared from 2000-01 to 2011-12 in the ITR ranging from 50000 to 200000 every year under section 44AF. At present no documents are available due to some circumstances only ITR are available. There is no query from the department. Wheather this income declared in 12 years nearly 16 lakhs will be considered the income for all purposes. Please give me the experts opinion along with the acts, rules and sections.
Replies (5)
no reply to my query of dt 15/12/17
No reply. what's the procedure
"Wheather this income declared in 12 years nearly 16 lakhs will be considered the income for all purposes."
ANS.: It will be considered as income for respective years, but not the savings as total, specifically if only in cash mode.
Thanks Sir. I don't want as savings in total. however since I have no documents or books of accounts for the income declared during 1999-2000 to 2011-12 under 44AF. The agency is not accepting the income as there is no documents other than ITRs. How they can be convinced for considering the income of Rs 16 lakhs of above periods. Any other agencies other than Income Tax Department is empowered to take any decision regarding the income declared in ITRs.
any other opinions are most welcome. Thanks.
any other opinions are most welcome. Thanks.
Check if the financial statements are prepared and authorized by any CA. That will be accepted alongwith the ITR. Just ITR based on presumptive assessment are not authentic evidence of income.
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