Comment on Taxation Simplified

KRS commented on 10 Jun 2013, 03:54 PM

Zerodha team,

Thank you very much for clarifying the provisions of Chapter VIA applicable for 44AD. So, now there’s no option but to get the books of accounts audited and file ITR4 as you’ve mentioned. But, what about the return filed for last year AY2012-13 for which we’ve received the notice? Would it become invalid and losses carried forward over the previous years lost because of this audit issue? Also, even if we get the audit done now, would our revised return be acceptable since audit report date would’ve passed the due date?
And finally, would you like to provide any opinion on error 32 mentioned above? Many traders are puzzled with the statement “Where assessee furnish total of amount deducted in SL 2, 3, 4, &5 of schedule BP should be consistent with total credits in P&L SL no 5”
Since, we just use “NO ACCOUNT CASE” section in P&L section (Sl no. 51 only) to provide details on turnover and profit, not sure how can sl. 2,3,4 & 5 in BP can be consistent with P&L Sl. no. 5 when Sl. no. 5 is not filled up with any details in P&L section.

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