please experts advice me in below situation
that...
my friend has filed itr u/s 44ad in f.y. 2017-18
and in f.y. 2018-19, he has filed itr 3 and disclose all pnl and balance figures in itr.
he has trading income + milk sales income + agriculture income.
total turnover excluding agri income is 16 lakhs and net profit is 15%
now my questions is as under
1. whether liability of tax audit applicable ? because he has break filing of itr u/s 44ad .
2. or whether to file revise return u/s 44ad ?
please expert advice me in this matter.
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Income tax
Replies (1)
1. tax audit applicable when you admit less than 8% of turnover
2. since time limit is there to file revised return, you can do, if you want to
correct me if I'm wrong
2. since time limit is there to file revised return, you can do, if you want to
correct me if I'm wrong
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