02 August 2013
Sir, I have F&O loss in business and I do not maintain books of A/c's and am not liable for Audit u/s 44AA or u/s 44AB. In ITR 4 (A.Y. 12-13), thus I have recorded gross receipts as 0, loss amount as negative figure in gross receipts and hence net profit is a negative amount(In no accounts case section).
I received notice u/s 139(9), quoting error codes 14(negative amount in G.P and N.P),23,26(claiming expenditure w/o giving details of Gross receipts and G.P) and 32.
My Query is, Whether I'm covered u/s 44AD. If yes then how am I supposed to show gross receipts and how am I supposed to show 8% revenue in case of loss?
03 August 2013
F&O business is covered under Sec.44AD. under sec.44AD, incase declaring the loss or income less than 8% income, the audit of books is compulsory. not only you, this last assessment year number of assessess got this notice u/s.139(9) due to the negative amount shows without audit report in ITR. so get audit report and file the correction
CAclubindia
