One of my friend having major Income from professional consultancy on which TDS deducted is Rs. 2.91 lakh on an income of Rs 28,20,000 in the financial year 2015-16 as per provision of Income tax, tax audit should be done but it's too late for that particular year, what are alternative to avoid this?
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Return filling tax audit
Replies (3)
u cant avoid tax audit since it is on paper better do audit and pay penality tax as per applicable and fill return
Pay peanlty of late late audit report
pay peanelty for late return filed
avoid audit
you can file audit report now and penalty for late filing is only 0.5 % of gross receipts, in your case it is only 14,100/-.
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