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Income Tax Audit

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Modassir Jamal

112 Points Posted on 04 February 2021

Contractors turnover was Rs 1.83 cr in Fin Yr 2019-20 . ITR 4 has been filed @ 6%profit. Today his ITR is processed. can we revise the ITR after audit or leave it as it is?

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Quick Summary

A contractor filed their Income Tax Return (ITR) 4 for the financial year 2019-20, declaring a 6% profit on a turnover of Rs 1.83 crore. The ITR has now been processed. The question is whether it's possible to revise the ITR after this point, especially considering the possibility of an audit. The advice given is that revision is possible before March 31, 2021, and the potential for scrutiny in either scenario (revising or not) should be considered.