F.Y 2017-18 ITR 5 filed and profit shown below 8%

Hello,

i had filed return for partnership firm F.Y 2017-18, turnover was Rs. 18 lakhs and profit Rs. 5000 i.e below 8%, due to lack of time on the last day the turnover and profit was shown in no books of accounts case, the ITR was filed and was processed.

 

Will it cause any issue now?

Replies (5)
Quick Summary
A partnership firm filed its ITR 5 for FY 2017-18 showing a profit below the typical 8% threshold, categorised under 'no books of accounts'. Despite receiving an intimation under section 143(1) confirming the return was processed, the user is concerned about potential future scrutiny due to the low profit margin. The general consensus is that if the return has been successfully processed and e-verified without any income mismatch, and an intimation under 143(1) has been received, there should be no immediate cause for worry.

If you received notice u/s 143(1) tht your return is processed then nothing need to be done. otherwise wait for the order
No issue now...
As such there is no issue but You should wait for Department order
If the return is successfully filed and e verified.
there is no mismatch of income..
then u need not worry.

Yes the return is successfully processed, I have received intimation under sec 143(1) but I have shown less then 8% in no books of accounts case will it lead to scrutiny of the same in future, that's my concern

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