08 December 2017
ONE OF MY CLIENT HAS FILED BELATED RETURN OF A.Y 2016-17 WHICH STAND DEFECTIVE UNDER SECTION 139(9) , THE RESPONSE FOR TO REMOVE THE DEFECT WAS DONE BUT WAS NOT ACCEPTED. CLIENT IS PARTNERSHIP FIRM EARNING WAREHOUSE RENT , FACTORY RENT AND INTEREST ON FDR. IT HAS CARRIED FORWARD UNABSORBED DEPRECIATION FOR THE YEAR. ASSESEE HAS REFUND OF rS. 64800.00 WHICH IS NOT RECEIVED DUE TO INVALIDATION OF RETURN.
08 December 2017
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08 December 2017
Income from House Property (Chapter IV C) 453600
Rent Receivable 648000 Higher of above 648000 Annual Rental Value u/s 23 648000 Less: Deduction u/s 24(a) 194400 194400 453600
Income from Business or Profession (Chapter IV D)(Maximum Salary Rs.150000) -453600
M/S MAHADEV WAREHOUSE 1115 Add: Depreciation Debited in P&L A/c 782862 Interest Paid to Partners 224485 Remuneration Paid to Partners 68296 Total 1076758 Less: FACTORY RENT 648000 Depreciation as per Chart u/s 32 589577 Allowable depreciation is Rs. 782861/- but restricted to Rs. 589577/- available profits. Interest as per Deed u/s 40(b) 224485 1462062 -385304
Profit Before Remuneration -385304 Remuneration Allowable 68296 -453600
Gross Total Income 0
Total Income 0 Round off u/s 288 A 0
ASSESEE HAS WRONGLY CLAIMED THE BUSINESS UNDER SECTION 44AD:- Income Declared u/s 44 AD M/S MAHADEV WAREHOUSE# Gross Receipts/Turnover 937830.00 Book Profit 304437.00 32.46 % Deemed Profit 75026.40 8.00 % Net Profit Declared 304437.00 32.46 %
THIS IS THE REASON FOR WHICH DEFECTIVE RETURN IT IS THAT IS CLAIMING LOSS UNDER THE HEAD PGBP .
CAclubindia
