Tax Audit

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vinod kumar pal (Querist)
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06 September 2017 Dear sir I am professional if i have fill ITR 3 for A.Y 17-18 and turnover is 8 lac & profit is 3.5 lac and No account maintain then tax audit is compulsory for me thanks

Amol S Joglekar

Amol S Joglekar (Expert)
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06 September 2017 yes, you should go for tax audit.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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06 September 2017 As you are declaring less than 50% profit tax audit applicable.

Ashiwini Ballodia

Ashiwini Ballodia (Expert)
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06 September 2017 If you don't want to get audited then show profit of Rs.4 lac i.e 50 % of 8 Lac

vinod kumar pal

vinod kumar pal (Querist)
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06 September 2017 but i am filed return without audited then what can i do if possible for revise return

RAJA P M

RAJA P M (Expert)
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06 September 2017 Exactly replied from the Experts... If you don't want Audit then ll show the profit 50% as 4lakhs.. After shown it you ll be deduct under chapter VI A and 80C and also the ceiling of 2.50lakhs....

Ashiwini Ballodia

Ashiwini Ballodia (Expert)
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07 September 2017 You will also get rebate of Rs5000/- tax u/s87A as you income is below 5Lac

vinod kumar pal

vinod kumar pal (Querist)
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07 September 2017 after deduction & rebate my net profit is 302450 what should i do

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vinod kumar pal

vinod kumar pal (Querist)
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07 September 2017 can i revise this return

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CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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07 September 2017 Yes you can revise the return.

RAJA P M

RAJA P M (Expert)
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07 September 2017 Yes. If you filed before 31st July then you can revise the return. After revised your tax liability is Rs. 5402 + Interest....

Ashiwini Ballodia

Ashiwini Ballodia (Expert)
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07 September 2017 Return can be revised even it is filled after 31st July

vinod kumar pal

vinod kumar pal (Querist)
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07 September 2017 if not revise then what penalty applicable

Ashiwini Ballodia

Ashiwini Ballodia (Expert)
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07 September 2017 Failure to get books of accounts audited than penalty of lower of the following:
a) 0.5% of Turnover or Gross Receipt
b) Rs. 1,50,000

i.e in your case 0.5% of 8 Lac = 4000

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Amol S Joglekar

Amol S Joglekar (Expert)
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07 September 2017 you can take a chance of waiting for the processing by CPC.

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