19 March 2012
the return for the assessment year of a business person (having total reciepts of 58lacs and no books of accounts was maintained by the assessee) was filed on march. 2012 i.e. belated return but at the time of filing return a mistake was made by not filing it on presumptive basis and it was filed wrongly by taking figures from the provisional balance sheet.
can it be corrected by filing revised return u/s 44ad discharging all the tax liabilities of additional tax and interest (keeping in view the tax audit cannot be done in any way)
19 March 2012
Should you go for 44AD provision and offer a 8% income.. you could revise the return and pay difference of tax... should you not wish to offer 8% minimum profit then you may be penalised for not complying with audit requirement..
CAclubindia
