Can i revise itr 1 to itr 4 or itr 3

Page no : 2

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177869 Points)
Replied 24 August 2018

No need to change anything now. Let the mistake remain, there is no change in tax liability, so, unless any query from department, let it remain.

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S ELAVARASI (ACCOUNTANT) (2975 Points)
Replied 24 August 2018

Sir, He is going to loan . But, Banker note the itr 1 is not suitable for Your business. So, What can i do...

S ELAVARASI (ACCOUNTANT) (2975 Points)
Replied 24 August 2018

In case will pay some more tax then revise itr.?

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177869 Points)
Replied 24 August 2018

Yes, you can revise with ITR4, with same amount of income u/h PGBP.

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S ELAVARASI (ACCOUNTANT) (2975 Points)
Replied 24 August 2018

Originally posted by : Dhirajlal Rambhia
	Yes, you can revise with ITR4, with same amount of income u/h PGBP.

Thank You sir...

In case the profit value will be raise and Payment will be pay extra 1000 or 2000 for loan process.

Can I go to the way...?

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177869 Points)
Replied 24 August 2018

That will not help much. Rather just revise it with same income details, to avoid any future query.

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S ELAVARASI (ACCOUNTANT) (2975 Points)
Replied 24 August 2018

Originally posted by : Dhirajlal Rambhia
	That will not help much. Rather just revise it with same income details, to avoid any future query.

Thank You Sir.,

I'll go to this way as it final without any changes except ITR form from ITR-1 to ITR-4...

S ELAVARASI (ACCOUNTANT) (2975 Points)
Replied 26 August 2018

Respected Sir.,

Now (today) I'm try to revise the ITR-1 to ITR 4. All details fill and prepare the Profit and it's deductions based on previous ITR. Tax Values are matched.

But., Interest amount show extra Rs. 270...

I think the previous payment can't with interest

As below the comutation filing on 10/10/2017

PGBP Rs. 394340 (-) Rs. 8500 (u/s 80D) = Rs. 385840 - Rs. 250000 = Taxable Income Rs. 135840.

Tax on Total Income - Rs. 13584

Rebate u/s 87A - Rs. 5000 Balance Tax Payable - Rs. 8584 + Cess 258 = 8842

Tax Paid - Rs. 8840 (can't calculate and paid Interest on 10/10/2017

Now.,

What can I do...?

Can I pay the Interest u/s 234A - Rs. 270...?

Is any problem arise...?

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177869 Points)
Replied 26 August 2018

No problem. Its revision of belated return. Otherwise it would have been outstanding demand.

Its better to pay the interest amount and revise.

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S ELAVARASI (ACCOUNTANT) (2975 Points)
Replied 26 August 2018

Thank You Sir...

I'll pay now (Today & filing today)... And go to File...

Thanks once again...

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S ELAVARASI (ACCOUNTANT) (2975 Points)
Replied 26 August 2018

Dear Sir.,

One Taxpayer File his return on AY 2018-19 u/s 44AD. He also file the sec on AY 2017-18. Now.,

His T/O Rs. 1730830. Profit will be shown Rs. 436130 and Tax Payable Rs. 8330...

Can He go with ITR u/s 44AD...?

Any future paroblem to him...

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177869 Points)
Replied 26 August 2018

What was the profit margin for the same business in AY 2017-18, and earlier years .........

Try to relate that in current year margin.

S ELAVARASI (ACCOUNTANT) (2975 Points)
Replied 26 August 2018

Originally posted by : Dhirajlal Rambhia
	What was the profit margin for the same business in AY 2017-18, and earlier years ......... Try to relate that in current year margin.

Is any problem if differents.

Bcoz,

In AY 2017-18 - T/O Rs. 1323460 and Profit Rs. 278590 - % of profit - 21.05%

In AY 2018-19 T/O Rs . 1730,830 and Profit Rs. 436130 - % of Profit - 25.197%

Please give solution sir...