Return u/s 44ae

Tax queries 158 views 8 replies
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CA
47 Points Joined November 2017

HI EVERYONE,

                        I HAVE ONE QUESTION REGARDING SECTION 44AE. IF I FILL MY RETURN UNDER SECTION 44AE AND I  AM OWNER OF TEN TRUCKS DURING THE LAST FINANCIAL YEAR. AND MY BANKING TRANSACTION IS AROUND 8CR. THAN IT DEPARTMENT CAN ASK ME TO SUBMIT ANY DOCUMENT REGARDING TRANSACTION?. IF YES, THAN WHAT KIND OF DOCUMENTS WE NEED TO SUBMIT TO IT DEPARTMENT. OR THERE IS ANY APPLICABLITY OF SECTKION 44AB?

THANKS IN ADVANCE

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On 17 November 2017 at 15:27 Report
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Student
1511 Points Joined November 2017
Mandatory audit of accounts-- if total sales r gross receipts in business >1Cr.in any previous yr.
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On 17 November 2017 at 15:45
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student
22 Points Joined July 2013

PLEASE REPLY ME SIR AFTER READING SECTION44AE

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On 17 November 2017 at 15:57
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12244 Points Joined May 2017
in your case , you have to declare 7500 X 10 X 12 i.e. 900000 or any higher amount as your income u/s. 44AE. if the business is carried out in the status of firm, you can also claim deductions u/s. 40b. section 44AA and 44AB doesn't apply unless you declare less than the aforesaid total income
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On 18 November 2017 at 00:47
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CA
47 Points Joined November 2017

yaa you are correct sir but if ao invoke the provision of section 147/153 than what we should do?

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On 18 November 2017 at 10:44
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12244 Points Joined May 2017
section 153 can be invoked only search cases. in case of 147, you are not concealing any income... you are returning your income utilising the benefits offered u/s. 44AE
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On 18 November 2017 at 12:52
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CA
47 Points Joined November 2017

YAA CORRECT BUT MY DEPOSIT OF CASH DURING THIS IS MORE THAN 1 CR IN MT BANK ACCOUNT THAN  IT DEPARTMENT ASK ME FOR SOURCES OF CASH  OR JUSTIFICATION FOR THE CASH THAN WHAT WE SHOULD DO??

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On 18 November 2017 at 13:50
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12244 Points Joined May 2017
show the sources of cash deposits with supporting books such as cash book etc
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On 18 November 2017 at 18:32
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CA
47 Points Joined November 2017

yaa correct...........

I've not mentained any books of accounts because i'm filed my return u/s 44AE than waht we shoul do????

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On 19 November 2017 at 22:35


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