05 October 2011
1 )I have Gross Receipts of 61.50 Lakhs for the year ended 31.03.2011. My Audit has been completed by 30th September,2011. The Taxes due has been paid on 30th September,2011. But I could not E-file the Return by 30th September. Can I E-file the Return now ? What are the Consequences if I E-file the Return now ?
2 )My nature of Business is Software Service provider thru internet. Does Sec.44AD is attracted in this case ?
You can still file the ITR upto 31st march but that ITR will be called as BELATED RETURN U/s 139(4) and the consequences of which are as follows:
1. You will not be entitle to revise your ITR
2. C/f of business losses & unabsorbed depreciation will not be allowed.
3. Interest for late filling of ITR U/s 234A will be charged @1% for every month or part of the month.
REG.2ND QUERY: Sec. 44AD deals with "ELIGIBLE BUSINESS" which means (i) any business except the business of plying, hiring or leasing goods carriages referred to in section 44AE; and
(ii) whose total turnover or gross receipts in the previous year does not exceed an amount of sixty Lacs
According selling of software through internet will fall under sec 44AD.
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