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Current account transaction 1 crore 45 lakh

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one business man file income tax return under section 44AD but during the previous year he open one current account in his name and doing transaction 1 crore 45 lakh ( 55 lakh cash and remaining online and cheques transactions) I file the return under 44 AD after increasing sale and reduce the rate of profit. I file return as per AIS which shows the cash transaction during the previous year. till today I am not e- verify the return as I want to revised hus return. pls suggest me what can I do for the safety of this person.
Replies (1)

It seems like you are seeking advice on how to handle a situation where a businessman has filed an income tax return under Section 44AD, but has not e-verified it yet, and now wants to revise the return. Here are some suggestions: 1. _Revised return_: File a revised return (Form ITR-4) as soon as possible, declaring the correct income and profit. 2. _Declare all transactions_: Ensure you declare all transactions, including cash and online transactions, in the revised return. 3. _Maintain records_: Keep accurate records of all transactions, including bank statements and receipts, to support the revised return. 4. _E-verify the revised return_: Once you file the revised return, e-verify it to avoid any further issues. 5. _Consult a CA_: It's recommended to consult a Chartered Accountant to ensure you're taking the correct steps and avoiding any potential legal issues. 6. _Be prepared for scrutiny_: Be prepared for potential scrutiny from the income tax department, and ensure you have all supporting documents ready. Please note that revising a return can lead to scrutiny, and it's essential to be accurate and truthful in your revised return. Additionally, consult a CA to ensure you're meeting all the necessary requirements.


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