3cd report

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Rajesh Chadda (Querist)

26 December 2014 my client having sale of Rs 65 lac and his net profit of Rs 3.60 lakh his account are already get audited before 30th Nov 2014.but not the audited report uploaded at it portal and also return of income sent on line . my assessee has also not entered as CA. nw my question is that in this month if assessee add me as CA. I will send 3cd report . and he approved and filled it with it deptt. What consequences my client have to face for late filling 3cd report and return.

shivaji prasad bhimavarapu

shivaji prasad bhimavarapu (Expert)

26 December 2014 The turnover is below 1 crore.So the deemed profit U/s44 AD would be not less than 8% of gross turnover.In case of lower profits, the Tax audit report along with audited financial statement is to be filed before 30.11.2014.In your case that is not done.So you have to file the return with deemed profit of 8% or more than that.Or else the penalties as applicable to non-filing of audit cases apply.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

26 December 2014 In such a case return can be revised by adding the name of CA and by furnishing the relevant particulars in ITR applicable to the Tax Audit case.
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Upload the "so called" Tax Audit Report also.
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The maximum penalty may be levied is 0.5% of the turnover. Depends upon the AO. In case no notice is received after filing the return, no penalty is required to be paid.
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