LIABLE FOR TAX AUDIT OR NOT

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This query is : Resolved

raghavendra b (Querist)

10 November 2022 DEAR SIR,

ONE OF MY CLIENT'S TURNOVER FOR TYE PREVIOUS YEAR 2021-22 WAS 1,55,38,139/- AND WAS FILED DECLARING 8% OF PROFIT UNDER PRESUMPTIVE INCOME SCHEME, FOR THE PURPOSE OF AVAILING LOAN TO DECLARING HIGHER RATE OF TAX. BUT MISTAKENLY HE WAS ALSO ONE OF THE PARTNER IN HIS FATHER IN LAW PARNERSHIP FIRM. NOW OUR PROBLEM IS MY CLIENT ALREADY FILED INCOME TAX RETURN BEFORE THE FIRM GET'S ITS ACCOUNT AUDITED. NOW THE FIRM FILED THEIR INCOME TAX RETURN AND DISTRIBUTE SALARY AND INTEREST ON CAPITAL. AND ALSO HE HAS PAID INCOME TAX ON SALARY AND INTEREST PORTION.
MY QUERIES
1. MY CLIENT TURNOVER EXCEEDS 1 CRORE
2. HOW CAN HE FILE REVISE RETURN
3. WE CAN NOT FILE ITR 4 SUGAM BECAUSE HE IS PARTNER IN THE FIRM
4. WHETHER HE HAS TO LIABLE AUDIT U/S 44AB BECAUSE TURNOVER AND PARTNER OF THE FIRM

PLEASE CLARIFY AND GUIDE ME

REGARDS

Dhirajlal Rambhia

Dhirajlal Rambhia

(Expert)

10 November 2022 No tax audit liability for remuneration & interest from firm.
Just file ITR 3 u/s. 139(5) of IT act, and declare the additional income from firm.

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