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Itr-4 sugam

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NITINBHAI PATEL

B.Com

172 Points Posted on 13 August 2017

if we have filled last year it return in ITR-4S and the proft was near by 57.5% shwon and current year profit comes near by 45.5% than there will be a chance by department to raise the notice or not?

because there are approx 12 % difference in profit.....that's so why i am asking?

Replies (7)

SHOBHIT GOYAL

CHARTERED ACCOUNTANT

46 Points Posted on 13 August 2017

there may be chances for notice but if u have proper reason as to y ur profit reduces like increase expenses... then there is nothing to worry abt tht

NITINBHAI PATEL

B.Com

172 Points Posted on 13 August 2017

how much various in % if shown than there will be no problems

RAMESH D MODI

Proprietor

3429 Points Posted on 13 August 2017

section 44AD provides to declare the pressumetive income 8% or more on gross receipt thus if u declare any income more than 8% the chance of inquiry will be very very less bcoz in your case u have declared much more income than required. So dont worry

SHOBHIT GOYAL

CHARTERED ACCOUNTANT

46 Points Posted on 13 August 2017

yes right agreed with ramesh d

NITINBHAI PATEL

B.Com

172 Points Posted on 13 August 2017

thanks rameshbhai i am agree with you
but my point is that last year profit was 57% and this year profit comes 45%
so point is difference comes 12 % which will effect or not...
thanks

Pawan

CA Final

363 Points Posted on 14 August 2017

There are many factors to be considered by ITD for Sending notice for assessment like Turnover, Tax audit or not, Net profit %, etc. What ever May the instances if u can substantiate with proper disclosure during assessment there is nothing to worry about.