Penalties and powers of ao in case of tax audit

Dhananjay (article) (37 Points)

20 March 2017

i want to know the consequences of filing a ITR4 without being audited with net profit of less than 8% T/O 60.5 lakhs and net profit of 3.1 lakhs

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160322 Points)
Replied 20 March 2017

No need of tax audit, unless he was asseessed u/s. 44AD in any of previous financial years.

Dhananjay (article) (37 Points)
Replied 20 March 2017

actully sir this is his first income tax reutrn and i was a bit confused about the applicabilty of the provision

Dhananjay (article) (37 Points)
Replied 20 March 2017

and thanks a lot for your comment

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160322 Points)
Replied 20 March 2017

Yes, you can file as normal case with accounts maintained. Section 44AB not applied, as threshold limit does't exceed.

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