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.
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
CAclubindia
