Section 44ad of IT act

Dear All,

During the financial year the turnover of a partnership manufacturing concern falls under 60 lasks, but the profit is less than 8%.  In such a case the accounts are to be audited under 44AB and report in Form 3CB & 3CD to be obtained. But can anyone please clarify the following points ?

1. What is due date for filing return.  Whether 31st July or 30th Septemer ?

2. Whether the return to be efiled compoulsorily with digital signature ?

Thanks

VBM 

Replies (10)

pls refer the below link

/experts/section-44-ad-729810.asp

30th September is last date.

As the company gets the accounts audited , so  30.09 will be the date of filling and  If return issubmited through E mode, then DS should be attached.

agree with Kansbanik Akash

30th September and as per the latest notification issued by CBDT all those Firms which are assessed u/s 44AB are mandatory to make E-Filing of Income Tax Return with Digital Signature

Section 44AD is applicable to Contract Income only n not manufacturing business so accordingly u r not required to get the books of accounts audited but are required to maintain detailed accounts for ur manufacturing business n due date of return filing is 31st july in this case.

disagree with CA.Manish since from assessment year 2011-12 section 44AD applicable to all business except business of plying, hiring or lease since it was covered under secion 44AE. Once the assesee not able to declare income at 8% then he will be covered under section 44AB and filling date is 30th September and digital signature is mandaterory from A/Y 2011-12 for the assessees covered under 44AB

 

Ya agree with CAPANDUREDDY Sir

Originally posted by : capandureddy

disagree with CA.Manish since from assessment year 2011-12 section 44AD applicable to all business except business of plying, hiring or lease since it was covered under secion 44AE. Once the assesee not able to declare income at 8% then he will be covered under section 44AB and filling date is 30th September and digital signature is mandaterory from A/Y 2011-12 for the assessees covered under 44AB

 


1oo% Agree, Amended section includes "Any business other than those covered u/s 44AE",

So,

1)In your case audit is compulsory,however if GTI is less than basic exemption limit than it's not mandatory,,

2)As firm is  under audit due date is 30th Sep,

3)E-filling with digital signature is mandatory..
 

If his profit which are below the 8% then he should required to get his books of accounts audited. and the due date for the same is 30th September. But if he shows profit more than 8% then he can go for sec. 44ad and file his return on or before 31st July.

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