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Filing of Return
Direct Taxation
Person opting for presumptive Income U/s 44AD/ADA Are required to get their accounts audited u/s 44AB and what is due date to file return of income u/s 139(1).
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Sandeep Kumar
As per the provisions of the Income Tax Act, a person opting for presumptive income under section 44AD/ADA of the Act is required to get their accounts audited under section 44AB of the Act. The due date for filing the return of income under section 139(1) of the Act for Assessment Year 2022-23 is July 31, 2023. However, if the person is engaged in business, the due date for filing the return of income is September 30, 2023.
As per Section 44AD / 44ADA , PGBP shall be deemed as higher of I.) ACTUAL BOOK PROFITS ii ) 6% / 8% of Turnover OR 50% of Gross receipts respectively. But ; where lower profits are to be declared ( even below such limit ) , Such person is mandatorily required for following;- a.) Tax Audit and . b.) Maintenance of Books of Accounts irrespective of criteria mentioned in their respective sections. Hence, if lower profits are to be declared, Tax Audit is mandatory. And for Tax Audit - Last date of Filing Return is 31St October.
As per the provisions of the Income Tax Act, a person opting for presumptive income under section 44AD/ADA of the Act is required to get their accounts audited under section 44AB of the Act. The due date for filing the return of income under section 139(1) of the Act for Assessment Year 2022-23 is July 31, 2023. However, if the person is engaged in business, the due date for filing the return of income is September 30, 2023.
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