Go Ad-Free on CAclubindia with Daily Mobile Updates. Subscribe Now!

Client has not given the full details -tax audit case

Eswar Reddy S (CFO- at NHTF) (58270 Points)

07 January 2014

Hi All, One has not filed income tax returns since 2005-06 FY. Now they have come for finalising accounts and filing returns. All the years the are tax audit cases.But they have not maintained supporting documents properly. What is best way to come out of this ?

Reply
Follow
Share

1 Replies

i.k.patel (tax consultant) (43 Points)
Replied 07 July 2014

file return of income after estimating net profit @ 5% and 8% of gross receipts. you are also liable to pay penalty for non-submission of tax audit report in time.