Tax Audit
This query is : Resolved
12 January 2021
Dear Sir,
An Assessee having a Proprietorship business of Medicine Shop and his turnover is Rs. 1.20 Crores and Net Profit is above 8% and so he is not required for Tax Audit, but his CA by mistake has filed Tax Audit Report i.e. Form 3CB, 3CD for A.Y. 2020-21 and now the Proprietor does not want to file Audited ITR -3 and he wants to file ITR - 3 with no audit case. Is it possible to do so as 3CB 3CD has been uploaded in the IT Portal.
Thanks,
Abhishek
An Assessee having a Proprietorship business of Medicine Shop and his turnover is Rs. 1.20 Crores and Net Profit is above 8% and so he is not required for Tax Audit, but his CA by mistake has filed Tax Audit Report i.e. Form 3CB, 3CD for A.Y. 2020-21 and now the Proprietor does not want to file Audited ITR -3 and he wants to file ITR - 3 with no audit case. Is it possible to do so as 3CB 3CD has been uploaded in the IT Portal.
Thanks,
Abhishek
12 January 2021
Tax audit applicable in case he is not eligible to opt for 44AD as turnover exceed 1 crore.
If he has opted out of 44AD during the previous years he can't opt back till completion of 5 years.
If he is eligible for 44AD option file ITR 4 revised return opting 44AD.
If he has opted out of 44AD during the previous years he can't opt back till completion of 5 years.
If he is eligible for 44AD option file ITR 4 revised return opting 44AD.
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