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Accounting Discrepancy: Revised Returns and Tax Audit Implications

Vivek Lala | Answer |Ask -Follow

Tax, MF Expert - Answered on Aug 10, 2024

Vivek Lala has been working as a tax planner since 2018. His expertise lies in making personalised tax budgets and tax forecasts for individuals. As a tax advisor, he takes pride in simplifying tax complications for his clients using simple, easy-to-understand language.
Lala cleared his chartered accountancy exam in 2018 and completed his articleship with Chaturvedi and Shah. ... more

Asked by Anonymous - Aug 08, 2024Hindi

Money

Sir, it assessess sec 44ada provision profit declared 50 percentage itr returns filed f.y.23-24 after revised returns lower profit with books of accounts maintained tax audit itr filed allowed f.y.23-24

Ans: Yes , if there is a valid reason for the same

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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Sir, A individual doctor running a nursing home Gross receipts fees collection rs:51 lacs and net profit declared rs:7,65,000/- profit of precentage 15 precentage f.y.23-24 Question: Assessess itr returns filed tax audit or normal itr filed f.y.23-24

Ans: If you are filing your ITR as an Individual running a nursing home, then you are liable for tax audit u/s 44AB, since your gross receipts have crossed Rs.50,00,000.00.
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