I filed one of my client return (A.Y. 2017-18) in following manner:
Salary: 320000
Other source income : 14000
Profit from business: 26500 ( ITR-3 NO ACCOUNT CASE ) (T.O. 580000)
Total Income is Above BEL and also paid tax around Rs.290.
Now I realized that Profit I declared is above 8%.
Return is yet to be e-verified.
Will I get notice for Tax Audit from department?
Should I wait for it or Revise the return now?
Advisable to revise return and pay tax as per 6/8% profit margin for business u/s. 44AD. Better change ITR3 to ITR4.
Thank you sir, BTW what are the chances of notice not being sent?
If the profit % is more than 8 % then there is no question to file revised return as a person may voluntarily disclose his business income at more than 8% of turnover or gross receipt.
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Thank you sir, BTW what are the chances of notice not being sent? |  |
As per the heading of the query........ if " Profit below 8%".......... very likely to get defective notice u/s. 139(9) within 3 months......
Gowra Ventures Pvt Ltd
Hyderabad
CA
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Jawahar and Associates Chartered Accountants
Hyderabad
CA Inter
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CAclubindia
