the new sec 44ad has come into effect from ay 2011-12. But my client did not opt for it in that year
now he wants to opt for 44ad while filing return for ay 2012-13
is it possible to do so?
also he has paid advance tax of rs.30000. but under 44ad he is not required to pay any advance tax
hence what would be the treatment of such advance tax?
please reply at your earliest as i have to file his return by 31st august 2012
As per the newly Amended provisions, Section 44AD is silent about opting the small business on presumptive basis, u can presume that no bar in opting for Sec. 44AD for AY 2012-13
Since the Chapter XVII-C is not applicable to eligible assessee as per sectiion 44AD(4) for amended act, the credit of advance tax paid can be adjusted with the actual tax liability of the eligible assesssee.
The short /excess amount after adustment of advance tax, U may have to pay Tax or get refund accordingly.
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