Consequences of return filed without audit

This query is : Resolved

DHWANI MOTA (Querist)
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25 December 2013 An Income Tax Return is filed by a proprietor. The turnover is less than Rs.1 crore. The total income is only 4.5% of the turnover as compared to 8% mentioned in 44AD for Presumptive Taxation. The business is not audited. What will be the consequences? Should the proprietor revise the return after audit??
Please reply...its urgent.

Guest

Guest (Expert)

25 December 2013 YOU SHOULD REVISED YOUR RETURN IMMEDIATELY AFTER HAVING YOUR TAX AUDIT OR WITH 8% DEEMED INCOME OTHERWISE PENALTY OF RS 1 LAKH
WILL BE LEVIED FOR NON TAX AUDIT.

DHWANI MOTA

DHWANI MOTA (Querist)
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25 December 2013 But the assessee is not opting for Presumptive Taxation so as to get the accounts audited u/s. 44AB as mentioned u/s. 44AD

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Guest

Guest (Expert)

25 December 2013 DEAR THIS IS A SPECIFIC SECTION.IF YOU ARE COVER IN THE DEFINITION OF THIS ELIGIBLE BUSINESS THEN YOU HAVE TO PAY EITHER ACCORDING TO 8% OR YOU HAVE TO AUDIT YOUR ACCOUNTS.