Section 44AB was applicable to the assessee for the AY2017-18 and AY 2018-19 but the assessee had not got himself audited and also not maintained books of accounts.
Can Assessee say that he had not maintained books of accounts and show income under section 44AD as if the Turnover was less than 2 crore for AY 18-19 and pay penalty for non maintenance of books alone.
Any other demerits..??
Menu
Sec 44AB
Replies (3)
Under which option returns were filed?
Any communication from ITD?
Assesse had not filed his returns, he wants to file now with penalisation for non maintenance of books alone. Will there be any other penalty??
For AY 2017-18, return cannot be filed now, but for AY 2018-19 assessee can file return without maintenance of books, provided eligible for sec. 44AD. Only late fees upto 10000/- would be levied.
Recent Topics :
- Utilising Section 54(F) for capital gains reinvest
- GST ewaybill closure and Bill to ship to GST numbe
- TDS ON PARNTER INTEREST
- Share important chapters of ca inter costing
- Free CA Foundation Study Material - PYQs with Sugg
- INCOME TAX
- Moving from old to new tax regime after notice
- Need urgent help on notice
- ITR-3 - F&O Loss adjusted against business inc
- Error - Blank Rows in Schedule SI (ITR-2)
Related Topics :
CAclubindia
