26 September 2015
Assessee is doing intraday transactions and has incurred some losses. He had filed his return without getting the accounts audited and hence the notice u/s 139(9) has been issued. The loss to be carried forward is less and now assessee do not want to carry forward the loss because of extra expense on audit.
Can the return be revised in such a case? Can now the assessee disclaim the loss and show income as per provisions of S.44AD?
26 September 2015
Sir this is the error code. error code 14 with the following error descripttion & resolution. Error Descripttion: Tax Payer has entered negative amount in gross profit or net profit in Sl. No. 51b and 51d of Part B of Profit and Loss Account Possible Resolution: Assessee has claimed loss under the head profit and gains of business or profession, however he has to fill Balance sheet and Profit and Loss account. Incase assessee's falls under section 44AD assessee also has to get his books of account audited if his income is less than 8% of the gross receipts.
Sir, You did not commented as whether the return can be revised now or not. Can assessee disclaim the loss NOW?
26 September 2015
you are NOT trying to pay the attention to the beauty of section 139(9). By rectification, you are getting all those benefits which you could have thought of getting under 139(5) So go for rectification.
CAclubindia
