Tax Audit
This query is : Resolved
06 September 2017
Dear sir I am professional if i have fill ITR 3 for A.Y 17-18 and turnover is 8 lac & profit is 3.5 lac and No account maintain then tax audit is compulsory for me
thanks
06 September 2017
yes, you should go for tax audit.
06 September 2017
As you are declaring less than 50% profit tax audit applicable.
06 September 2017
If you don't want to get audited then show profit of Rs.4 lac i.e 50 % of 8 Lac
06 September 2017
but i am filed return without audited then what can i do if possible for revise return
06 September 2017
Exactly replied from the Experts...
If you don't want Audit then ll show the profit 50% as 4lakhs..
After shown it you ll be deduct under chapter VI A and 80C and also the ceiling of 2.50lakhs....
07 September 2017
You will also get rebate of Rs5000/- tax u/s87A as you income is below 5Lac
07 September 2017
after deduction & rebate my net profit is 302450 what should i do
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07 September 2017
can i revise this return
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07 September 2017
Yes you can revise the return.
07 September 2017
Yes. If you filed before 31st July then you can revise the return. After revised your tax liability is Rs. 5402 + Interest....
07 September 2017
Return can be revised even it is filled after 31st July
07 September 2017
if not revise then what penalty applicable
07 September 2017
Failure to get books of accounts audited than penalty of lower of the following:
a) 0.5% of Turnover or Gross Receipt
b) Rs. 1,50,000
i.e in your case 0.5% of 8 Lac = 4000
a) 0.5% of Turnover or Gross Receipt
b) Rs. 1,50,000
i.e in your case 0.5% of 8 Lac = 4000
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07 September 2017
you can take a chance of waiting for the processing by CPC.
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