Are You Covered Under Tax Audit

[Kabira 21]

Nikhil Ji,
That Defective Return case by friend mentioned above needs to get rectified within 15days,else it will consider as Invalid Return.
My question is-What will happen after that?We can ignore this return,but next year we will file a return and tax if any for that assessment year.
Koi prob aayega??

 

[canikhil]

Nikhil Ji,
That Defective Return case by friend mentioned above needs to get rectified within 15days,else it will consider as Invalid Return.
My question is-What will happen after that?We can ignore this return,but next year we will file a return and tax if any for that assessment year.
Koi prob aayega??

it is your wish to ignore. Ideally, just rectify whatever error was committed and refile.

 

[Kashasathi]

audit or no audit is very grey area,I hate Indian Income Tax department where they dont have proper guideline :annoyed:

one of my friends got a notice from ITO.
His case was like this-
He filed ITR4 from CA,income showed just 3L,after deduction it was zero.
but he got a defective return notice saying upload P&L statement,Balance sheet.CA replied to the notice that no P&L,Balance sheet required as per 44AD of this pan holder.
after 5 months,ITR didnt get proceed,he got notice from AO to meet.
Ab bechara chakkar laga raha hai

Strange case naa?

It must be a case of wrong filing. If it is a no-account case, then ITR-4 should be to reflect that. If you make an error, then it needs to be rectified.

Income Tax Dept acting very weird these days by the order of PM Narendra Modi.They are sending notices blindly.Even if you have small income and filing under the head “Profits and gains of Business or Profession” you have to upload Balance Sheet and P-L statement compulsorily.
Even I got a defective return notice,my CA replied it,but I think IT Dept will not accept it.

 

[TraderRavi]

Income Tax Dept acting very weird these days by the order of PM Narendra Modi.They are sending notices blindly.Even if you have small income and filing under the head “Profits and gains of Business or Profession” you have to upload Balance Sheet and P-L statement compulsorily.
Even I got a defective return notice,my CA replied it,but I think IT Dept will not accept it.

Balance Sheet means ledger ?

 

[XRAY27]

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[XRAY27]

Balance Sheet means ledger ?

TR bhai !!

Balance sheet is constructed basing on the ledger and bank accounts of the assessee !!!

 

[suri112000]

I have filed ITR4 which is defective as per IT for lack of corresponding P & L statement and balance sheet.

My CA uploaded both of them as a reply to IT notice. The return was then accepted by IT and they refunded the excess paid Tax immediately.

 

[XRAY27]

I have filed ITR4 which is defective as per IT for lack of corresponding P & L statement and balance sheet.

My CA uploaded both of them as a reply to IT notice. The return was then accepted by IT and they refunded the excess paid Tax immediately.

Suri bhai !!!

First of all your CA unless your income is declared as 8 % of turnover ,you would have covered U/S 44AA so he should have filed the return with respective balance sheet and P& L at first filing itself

 

[Kashasathi]

Income Tax Dept acting very weird these days by the order of PM Narendra Modi.They are sending notices blindly.Even if you have small income and filing under the head “Profits and gains of Business or Profession” you have to upload Balance Sheet and P-L statement compulsorily.
Even I got a defective return notice,my CA replied it,but I think IT Dept will not accept it.

re-uploading image as it got deleted by postimg

 

[XRAY27]

re-uploading image as it got deleted by postimg

if you have not decleared income U/S 44AB with income upto 8 % of turnover ,then you have to submit P&L and Balance Sheet then only section 44AA will not apply...so your return will be considered as defective !!!