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urgent. revision of return...

priyatambika ( ca final student) (323 Points)

30 August 2018

someone please tell me if I file income tax return with capital introduced by cash of a newly started business (proprietorship, capital 2-3 lac)
instead of without showing bank loan and saving bank acc..
coz there is no transaction done with bank accept that loan amount came in bank acc..

coz there is no time to return file tomorrow if I would go through with this..
and I will revise it after 31.8.2018..

someone please tell me could I revise this return as such....????

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (171433 Points)
Replied 31 August 2018

An assessee can revise ITR for any changes in the original return, but try to provide correct information in original ITR itself.

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priyatambika ( ca final student) (323 Points)
Replied 31 August 2018

SIR PLEASE TELL ME IF I FILE RETURN TODAY USING PRESUMPTIVE RETURN ITR 4...CAN I CHANGE IT FROM AY 19-20 ONWARDS WITH ITR 3 ? IF THERE IS ANY PROBLEM IN IT ??

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (171433 Points)
Replied 31 August 2018

No problem, when you file ITR3 with books of accounts maintained, but it should be filed with audit report.

priyatambika ( ca final student) (323 Points)
Replied 31 August 2018

sir, it means.. even if criterias of compulsory audit u/s 44 AB is not fulfilled, we have to attatch auditor s report ?????

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (171433 Points)
Replied 31 August 2018

As you opt out from sec. 44AD before continuous declaration upto 5 years under the section........ sub-sec. 44AD (4) & (5) triggers....

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Effective from the financial year 2017-18 a late filing fee will be applicable for filing your returns after the due date i.e. 31st August 2018. The maximum penalty which can be charged is Rs. 10,000. If you file your ITR after the due date (31st Augist 2018) but before 31st December 2018, a penalty of Rs 5,000 will be levied. For returns filed later than 31st December 2018, the penalty levied will be increased to Rs 10,000. There is a relief given to small taxpayers – the IT department has stated that if the total income does not exceed Rs 5 lakh, the maximum penalty levied for delay will be Rs 1,000.

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