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Penalties and powers of ao in case of tax audit
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
Replies (4)
No need of tax audit, unless he was asseessed u/s. 44AD in any of previous financial years.
actully sir this is his first income tax reutrn and i was a bit confused about the applicabilty of the provision
and thanks a lot for your comment
Yes, you can file as normal case with accounts maintained. Section 44AB not applied, as threshold limit does't exceed.
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