Matter of u/s 44ae

This query is : Resolved

Guest

Guest (Querist)

18 June 2012 good morning to all experts,
in u/s 44ae can i not show following these expanses.
1-salary paid to my employee
2-maintinance of vechile.
3-rent paid to landlore where our office situated.
thanks in advance

HRIDAYNATH PATRA

HRIDAYNATH PATRA (Expert)
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18 June 2012 Hi Rajiv,

As per section 44AE(3), Any deduction allowable under the provisions of sections 30 to 38 shall, for the purposes of sub-section 44AE(1), be deemed to have been already given full effect to and no further deduction under those sections shall be allowed.

Hence, you can not show the above expenses for calculating your profit/loss u/s 44AE.

But if can claim the above expenses only if you claim that your profit is lower than that of the amount specified u/s 44AE(1) and 44AE(2) and you maintains your books of accounts as required u/s 44AA(2) and the same accounts get audited u/s 44AB and furnish a report as per section 44AB.

Regards

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Guest

Guest (Querist)

18 June 2012 YES SIR I KNOW THAT IF I WILL SHOW MY PROFIT LESS THAN 5000 OR 4500 . THAN I CAN SHOW ALL EXPANSES. BUT I WILL MAINTAIN BOOKS OF ACCOUNTS AND AUDITED MY ACCOUNT . BUT SIR TELL ME ONE THING THAT IF I WILL SHOW PROFIT AS PER SECTION 44AE THAN NO NEED TO MAINTAIN BOOKS OF ACCOUNTS.
THANKS SIR.

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HRIDAYNATH PATRA

HRIDAYNATH PATRA (Expert)
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18 June 2012 Yes, if you show your profit as per section 44AE, you need not maintain any books of account. In that case you can not claim benefit of any expenses as you have mentioned.

Guest

Guest (Querist)

18 June 2012 thanks sir can you solve my another query.

HRIDAYNATH PATRA

HRIDAYNATH PATRA (Expert)
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18 June 2012 Yes, send me your question. You can send it to cahriday@icai.org also.

Guest

Guest (Querist)

18 June 2012 thanks sir
in section 80g deduction in respect of donation paid. if we deposit 11000 cash in Jawaharlal Memorial Fund. than as per budget 2012 . if we deposit 10000 or above cash deposit in u/s 80g. than we can not give deduction u/s 80g. but. sir if we deposit by cheque than can i take deduction of it.

HRIDAYNATH PATRA

HRIDAYNATH PATRA (Expert)
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18 June 2012 A new sub-section 5D has been inserted in section 80G by the Finance Act 2012. This Sub-section reads as "No deduction shall be allowed under this section in respect of donation of any sum exceeding ten thousand rupees unless such sum is paid by any mode other than cash"

Hence, if you donated in cheque you can claim deduction u/s 80G.

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Guest

Guest (Querist)

18 June 2012 THANKS SIR,
I want to know that what is due date for filing of TDS return (for salary & non-

salary both) for quarter & month ending March' 2012.

HRIDAYNATH PATRA

HRIDAYNATH PATRA (Expert)
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18 June 2012 Due date for filling TDS return for March-12 quarter was on 15-05-2012 for both salary and non-salary.

Guest

Guest (Querist)

18 June 2012 and sir monthly payment for the month of march will be 30 april in both cases

HRIDAYNATH PATRA

HRIDAYNATH PATRA (Expert)
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18 June 2012 Yes, but for salary, if paid within 31/03, TDS to be deposited by 07/04.

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Guest

Guest (Querist)

18 June 2012 IN FINANCE ACT 2012 NEW Exemption to Prasar Bharati (Broadcasting Corporation of India) AND General Anti-Avoidance Rule (GAAR)
CAN ANY ONE TOLD ME ABOUT THIS NEW RULE.WHICH TYPE OF THIS EXPECTION. CAN UNDER THESE SERVICE ASSESSE WILL NOT FILL THEIR RETURN PLEASE CLEAR