Failed to file Tax Audit report

I think itr should be reversed and tax audit must do

Get advice from a CA as he would check whether liable for audit or no. And any other suitable way.

If you have not audited your books of account or failed to furnish audit report i.e. not complying with 44ab of IT Act. for it penalty u/s 271b will be levied, which is 1/2% of turnover or 150000, whichever is lower.

If your Turnover is 1.8 Cr in F.Y 2018-19 than Generally you are required to get your books of Account audited under 44AB of Income tax Act, 1961.

If any person falls under the section & fails to get audited of his account before the due date, then they will be liable for a penalty of 0.5% of the turnover or the gross receipts up to a maximum penalty of Rs. 1, 50,000.

Last date to revised return of F.Y 2018-19 is 30th September, 2020

Before filing revised return or doing tax audit first consult your CA, that there was any reason for not doing Audit or selecting"NO" in ITR..&than only proceed further.

Thank you all for your valuable suggestions.

Most welcome............