ITR-1 filed, can now revise it with Tax Audit (F&O) ?

This query is : Resolved

Ajay Gupta (Querist)
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15 November 2019 ITR-1 For Salary Income Only Was Filed By The Assessee On 1st Sept 2019 For F.Y. 2018-19.

As of today, ITR Is Not Processed Yet. Can Now Tax Audit Report For F&O Business And Revised Return Including The Same Be Filed?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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15 November 2019 Yes revised return can be filled with tax audit.

CA Sumiit B Nagpal

CA Sumiit B Nagpal (Expert)
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15 November 2019 Revised return along with tax audit can be filed but bear in mind that tax audit due date expired on 31.10 ( except in state of J &K) so kindly check whether the tax audit is absolutely necessary or not.
If the profit and loss in F&O(aggregate) doesn’t exceed A sum of rs 2 crore , no need of tax audit

CA Sumiit B Nagpal

CA Sumiit B Nagpal (Expert)
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15 November 2019 I mean tax audit can be filed but penalty for late furnishing of tax audit might be levied on the assesse

CA. Satish Kumar Goyal

CA. Satish Kumar Goyal (Expert)
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16 November 2019 Yes, Revised return can be filed with tax audit report, but penalty can be imposed for late filing of tax audit report.
If your turnover (Aggregate in case of F&O) in less than 2 crore then you can file under section 44AD with 6% profit on turnover. [calculate which is low either penalty or tax u/s 44AD]