Revised return or simple answer
Querist : Anonymous
Now he received notice asking to explain descripancy in firm 26AS and return.
The assessee has declared both income u/s. 44 AD. The department has asked to explain it file revised return. Obviously, it seems that department is of the view that receipt from TV serial should have been declared u/s. 44ADA.
The profit shown from both business is genuine one but just not to keep detailed record , assessee has preferred filing Sugam.
What should be the course of action, a revised return showing both business under separate heads or to file regular return in form 5?
In both the cases, what would be liability and whether any penalty is leviable in both cases? I. e. First if revised Sugam is filed declaring higher income and Second filing regular return in form 5 declaring same income. Obviously, there would be question of audit u/s 44AB for showing lesser profit than stipulated percentage u/s. 44 ADA.
Please guide.
Querist : Anonymous
One more query. If revised return filed in form 3, will there be penalty initiation as the profit is less than stipulated rate u/s. 44 ADA? If yes, what would be quantum of penalty on 20 lakh turnover? Please reply.
Querist : Anonymous
But audit is not done...What happens if I upload the return without audit? Will they process the return with penalty for non audit? Or they will issue notice as defective return?
I do not mind paying penalty for non audit. Will that be acceptable to the department or audit is a must even if the date has already expired on 30/09/2017?
Please reply in detail with course of action.
Regards
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