INCOME TAX DOUBT FOR TAX AUDIT

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SIR,
Professional income +share trading income source of income it assessee tax audit filed sec 44ab uploaded in f.y. 21-22.but shares trading turnover rs:5 lacs and shares income rs:2 lacs not uploaded (missing) in f.y. 21-22
Question:
assessee shares trading income show revised return filed or shares trading income business income sec 44 ad provision separate itr filed in .fy.21-22

1 Answers

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ADITYA answered 1 year ago

As far as I understand from your question, ITR for financial year 2021-22 was filed with audit report u/s 44AB but some data was missing and wrongly filed.
Please note that u/s 139(5), revised return for FY 2021-22 can be filed before completion of assessment or 31-3-2023, whichever is earlier. Please note that , tax audit report can also be amended and filed again before completion of assessment.
If you want to change to section 44AD then tax audit under 44AB is not required but if you opt out 44AD before 5 year then you will be required to get audited under 44AB.
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