07 January 2012
Sir I have a client whose sale for the FY 2010-2011 was 5.5Lacs (Approx.) mistakenly we declare the profit of Rs 25000/- (Approx) instead of Rs 44,000/- as per the provisions of Section 44AD. The return filed was late. Now we want to amend and wants to declare profit of Rs 44,000/-. Please tell us the procedure for the same. How the return already filed can be rejected and new return can be filled with the increased income.
08 January 2012
Since the return was filed late, the only option available is rectification under Section 154. Please confirm whether the sales were the same as provided in the return, else it may fit for concealment.
CAclubindia
