Consequences of return filed without audit

This query is : Resolved 

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.

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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.

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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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.



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