06 December 2017
I am a professional with a proprietorship business in Management and Software. 1. Have Consultancy income and income from other Sources [FD interest, Rental] 2. Have used ITR4 in the past few years with Balance sheet, etc but no Audit 3. Unfortunately, am filing AY2017-18 income tax returns now in Dec 2017. 4. My profits are lower than 50% of Consultancy income. 5. Have paid all the required taxes during FY2016-17 as advance tax.
I need clarification about: 1. Can I use the New ITR3 for AY2017-18 tax returns ? 2. Under the section 44AB as before ?.. as profits are lower than 50% of Consultancy income. 3. Or do I have to use the 44ADA option ? 4. Is Audit compulsory in this case and what is the procedure for the same ? [considering late filing] 5. Is there a way to get accurate info on this from IT dept ? Regards and appreciate it.
07 December 2017
1 You can file ITR 3. 2 Under section 44AB as profit less than 50%. 3 You can use 44ADA option and declare 50% profit tax audit not applicable. 4 Audit compulsory if you declare less than 50% profit. 5 Read the provisions of 44AB and 44ADA Income tax department will not help you. You can rely on this information.
07 December 2017
Sir, Thank you very much for the clarification. Pl clarify: 1. As it is now December, beyond Nov 7th deadline, can I still file ITR-3 with or without Audit report ? 2. Will IT dept accept it ? Will there be any penalty for late submission ? Regards.