Ghuru.R (Article Assistant) (77 Points)
11 December 2009My assessee is a retailer assessable under section 44AF. In case he is showing loss for the current financial year can i file his return of income without mentioning it as tax audit. If i do so wat is the impact??
Or wat is the impact for non submission of audit report as required under section 44AB while his return is being assessed by the income tax authority??
Pls Clarify.
machender
(student)
(190 Points)
Replied 11 December 2009
Dear Raghu,
Section 44AF is not applicable for the Assessee who is covered under section 44AB.
so u dont need to Audit his books of accounts and submit the same report to the tax authorities
CA. Megha Topiwala
(Job)
(1534 Points)
Replied 11 December 2009
If an assessee is covered under sec 44AF, then he has to show his income @ 8%.... provided his turnover is less than 40 L.... If he wants to declar less income he is required to get his books of accounts audited....
machender
(student)
(190 Points)
Replied 11 December 2009
Dear Megha,
i would like to make some corrections to ur opinion,
declaration of income u/s 44AF is 5% not 8%.
and if assessee wants to declare income less than 5%, all te sections of PGBP will be applicable to him rather than section 44 AF.
CAclubindia
