Turnover 2 lacs
f&o loss 50 thousand
salary 20 lacs
f&o started from f.y. 2017-18
Declared 6 % and ITR filed before 31st july
I thought in order to claim f&o loss tax audit applicable because total income exceed basic exemption limit (due to salary) so I declare 6 % and skip tax audit.
Now I learnt that as I was actually not falling under section 44AD as its a new business .Provisions of sub section (4) not applicable after new sub section ( 5 ).
44AB tax audit also not applicable as turnover below 1 cr .
Can I revise my ITR now , as original was filed before 31st july ,and claim my actual f&o loss without tax audit.
Otherwise I have to declare 6 % every year till next 5 yrs in order to skip tax audit even in case of loss .
please guide on above. Does it matter original ITR intimation u/s 143 (1) received or not.
CAclubindia
