12 April 2018
I filed Income tax return on presumption basis u/s 44AD for A.Y. 2011-12. I have declared turnover 15 lakh and net profit @12%. Now i received a notice u/s 148 for re assessment on basis of cash deposited in savings account Rs 25 Lakh. Now Income Tax Department asking me to file ITR in responce of sec 148. Can I file my said return for A.Y 2011-12 at 8% profit of 25 Lakh Turn over? While in return file u/s 139 I declare my turnover 15 Lakh and profit @12%.
13 April 2018
Consult a tax consultant nearby for advice. You have suppressed the turnover. Penal provisions applicable if you increase the turnover now. You should have declared 25 lac turnover with 8% profit initially.