Comment on Taxation Simplified
Rajesh,
The trick to making money in the markets is predict what can cause you a big loss and take that small one to be safe than sorry.
What I mean to say is it is much better to take the 4 to 5k audit today rather than risk the notice which can cause you potentially a lot more in terms of time and money.
About your returns from the last year, this can be rectified if you had filed last year in time.