Tax Audit - Response to a Notice from IT department.
This query is : Resolved
17 October 2024
Financial Year 2023-2024 An Individual Chartered valuer earns professional fees Rs.47,95,884/- and made an export sale of Polyester Curtain Rs. 4,44,825/-.
1) Is he required to get his account audited.
2) If yes, how it is possible, as the last date of submission is over.
3) He got a notice - Your Income-Tax Return has been identified under risk management process of the Income-Tax Department. Your confirmation is required on the following claim(s)/ deduction(s)/omissions in the return. Reason "Refund claim in violation to section 44ADA"
Please advice me what to in this situation.
1) Is he required to get his account audited.
2) If yes, how it is possible, as the last date of submission is over.
3) He got a notice - Your Income-Tax Return has been identified under risk management process of the Income-Tax Department. Your confirmation is required on the following claim(s)/ deduction(s)/omissions in the return. Reason "Refund claim in violation to section 44ADA"
Please advice me what to in this situation.
18 October 2024
How the transaction of export sale has been declared in ITR?
18 October 2024
In ITR under Trading account - Sale of Goods Rs. 4,44,825 and under Profit & Loss - Any Other Income - Fees Collection Rs.47,95,884/-
18 October 2024
Better revise the return and declare the professional income under normal assessment or u/s. 44ADA IT act.
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18 October 2024
just to add, i hope you are registered under GST. if you are getting picked up for assessment in Income-tax, good chance GST department getting notified too in case the GST registration is not there.
21 October 2024
Filed ITR with Balance Sheet and Profit and Loss, Depreciation under normal assessment. NP is 6.67%. All collections are through Bank. My question is whether Tax Audit is required or Not.
21 October 2024
Yes. tax audit will be mandatory u/s. 44AB(d) IT act..
25 October 2024
Thanks a lot for your replies. Sir, one more question - If I file tax audit report within this month what will be the late filing fees for delayed filing?
25 October 2024
If any taxpayer is required to get the tax audit done but fails to do so, the least of the following may be levied as a penalty:
0.5% of the total sales, turnover or gross receipts
Rs 1,50,000
However, if there is a reasonable cause of such failure, no penalty shall be levied under section 271B.
0.5% of the total sales, turnover or gross receipts
Rs 1,50,000
However, if there is a reasonable cause of such failure, no penalty shall be levied under section 271B.
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