Can a return be revised after receiving notice u/s 139(9)
This query is : Resolved
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?
Kindly provide detailed answer.
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?
Kindly provide detailed answer.
26 September 2015
rectify the return as per the points given in 139(9).
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?
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
yes, that is what the notice is saying.
rectify the return as aforesaid. And please, dont call it REVISED, it is rectification as per 139(9)
rectify the return as aforesaid. And please, dont call it REVISED, it is rectification as per 139(9)
26 September 2015
Sir by revise I meant revising the return u/s 139(5).
Is it possible to not to get the accounts audited and disclaim the loss?
Is it possible to not to get the accounts audited and disclaim the loss?
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.
So go for rectification.
26 September 2015
So can it be said that I can now show the income and ignore the loss which was claimed earlier?
Someone said that it can not be done. That is why I was resorting to S.139(5)
Kindly provide details as I am a bit confused.
Someone said that it can not be done. That is why I was resorting to S.139(5)
Kindly provide details as I am a bit confused.
26 September 2015
Yes. You can change the figures to positive if you want.
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26 September 2015
Thank you Sir. If I need anymore clarification I will ask again.
Thanks once again.
Thanks once again.
26 September 2015
You are most welcome.
You can post the query. You can e mail the same to my e mail id if you want.: amolshankar@gmail.com
You can post the query. You can e mail the same to my e mail id if you want.: amolshankar@gmail.com
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