ONE OF MY CLIENT IS PARTNERSHIP FIRM ITS TURNOVER LESS THAN 10LAKHS MEANS 6,77,892/- IN THIS SITUATION SHOULD WE FILE TAX AUDIT U/S 44AB, BECAUSE ONE OF MY CLIENT IS ITS PARTNER HIS IT RETURN SHOULD BE FILED, BUT THE FIRM DID NOT FILE ITR NOW CAN WE FILE AFTER FIRM'S ITR FILING THE INDIVIDUAL SHOULD BE FILED BEFORE JULY
26 July 2023
You cannot file preceding years' ITR under normal circumstances. If you wish to file ITR for current assessment year, check if the client had opted sec. 44AD in any of preceding five years.
JUST NOW ONE PROBLEM HAPPENED, IF GST TURNOVER 46,71,892/- BUT HIS BANK TURNOVER RECEIPTS NEARLY 87, 56,890/- AS ON MARCH. MY CLIENT RECEIVED PAYMENTS HE DID NOT DECLARED SALES IN THE GST RETURNS HE SOLD ALL EXEMPTED GOODS RAW SILK. SO CAN I CONSIDER HIS BANK RECEIPTS AS TURNOVER FOR THE YEAR AND SHOWING IN THE IT RETURN AS PER GST TURNOVER SEPERATELY IS THIS WILL CREATE PROBLEM IN FUTURE BECAUSE HE UNKNOWINGLY MADE MISTAKE.
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