Defective return u/s 139(9) of the income tax act

This query is : Open

raghavendra b (Querist)
Follow

09 March 2015
dear sir,

my client doing granite trading business, i have filed income tax returns presumptive income u/s 44AD declared profit 5,53,691.00 total turnover about 69,21,130.00. deduction of remuneration and interest claimed 5,27,122.00 remaining profit of 26,569.00 and paid income tax 8210.00 including cess.

my query is i have received notice from CPC centre, as defective return u/s 139(9) and they have quoted some points,
1. assesse claiming expenses equal to the busines income.
so my profit calculations is wrong or correct. please solve my problem and what i have to do next step.

i am waiting for your good reply

regards,

raghavendra

Abhishek Singh

Abhishek Singh (Expert)
Follow

09 March 2015 Dear raghav
The defects are also mentioned therein. How it is to be calculated in the side column. Please go through the same.

raghavendra b

raghavendra b (Querist)
Follow

09 March 2015 thank your for your kind reply,

but sir, if one who can claim deduction which is equal to the income declared in the return it is fair or not

Upgrade to CAclubindia Pro. Subscribe Now!

raghavendra b

raghavendra b (Querist)
Follow

09 March 2015 dear sir,

i have forgot one thing that in the return i did not enter any balance sheet figures and profit and loss account. whether may be they have asked me to produce proper account details to claim deduction from declared income.

if it is so whether i have to file reply filing revised return please help me to solve the above problem,

thank you sir,

glad regards

raghavendra b

Abhishek Singh

Abhishek Singh (Expert)
Follow

09 March 2015 A return is considered defective for the above reasons that u had not produced any bs and pl figures and are claiming the deduction. Rectify the defect in 15 days otherwise return would be considered as void ab initio.

raghavendra b

raghavendra b (Querist)
Follow

10 March 2015 thank you for your reply,

dear sir,

i have adjusted book profit interest on capital more than 12% per annum is their any problems in that

please sujjest me

regards