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siva andhavarapu (ca final)     13 June 2021

Revised return from itr4 to itr3

My friend filed itr 4(presumptive taxation) on his own and he forgot to give f&o transactions details.Now it is found that If f&o transactions are considered,tax audit is applicable for him.He is having professional income and f&o income.my query is as follows:

1.Whether revised itr 3 can be filed ?

2.whether form 3cb3cd can be filed?

3.what consequences he has to face now?

(Note:pls reply for both the situations if return processed or not processed)

*Itr is related  to Fy20_21



 2 Replies

veerendar singh

veerendar singh (tax consultant)     13 June 2021

Itr cannot be revised.
audit report cant be filed after itr
normally department does not impose penalty on failure to file audit report for f&o.
since department has information about stock market activities your friend might receive a notice under 148 after few years. at that time you may file return by showing complete f&o profit and pay tax and interest.
3 Like
siva andhavarapu

siva andhavarapu (ca final)     16 August 2021

Tq for your reply sir


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