I.tax notice itr3 defective return communication u/s 139(9)
This query is : Resolved
30 October 2017
Recd an Income tax notice saying a) The gross receipt is not mentioned in the P&L Account. b) Or the Profit shown is less than 50% of the Gross receipt as per 44ADA.
However I have shown like this
(ii) For assessee carrying on Profession
a Gross receipts 53(ii)a Rs.887363
b Gross profit 53(ii)b Rs. 443681
c Expenses 53(ii)c Rs.0
d Net profit 53(ii)d Rs.443681
Total 53 Rs. 443681
From business or profession other than speculative business and specified business
1. Profit before tax as per profit and loss account Rs.443681
2a. Net profit or loss from speculative business included in 1 Rs.0
2b. Net profit or Loss from Specified Business u/s 35AD included in 1 Rs.0
3. Income/ receipts credited to p/l act considered under other heads of income/chargeable u/s 115BBF
. a. Salaries Rs.0
. b. House property Rs.0
. c. Capital gains Rs.0
. d. Other sources Rs.0
. e. u/s 115BBF Rs.0
4. Profit or loss included in 1, which is referred to in section
44AD/44ADA/44AE/44B/44BB/44BBA/44BBB/ 44D/44DA/ Rs.443681
Extract is given below:
34. Income (13 + 25 - 33) 34 Rs.0
35. Profits and gains of business or profession deemed to be under -
i Section 44AD Rs.0
ii Section 44ADA Rs.443681
iii Section 44AE Rs.0
iv Section 44B Rs.0
v Section 44BB Rs.0
vi Section 44BBA Rs.0
vii Section 44BBB Rs.0
viiii Section 44D Rs. 0
ix Section 44DA Rs. 0
x First Schedule of Income-tax Act Rs. 0
xi Total (35i to 35x) Rs.443681
36. Net profit from profession (34 + 35xi)) Rs.443681
37. Net Profit from profession other than speculative business and specified business,
after applying rule 7A, 7B or 8), Rs.443681
Experts Please guide for me the error I have made in the return if any.
However I have shown like this
(ii) For assessee carrying on Profession
a Gross receipts 53(ii)a Rs.887363
b Gross profit 53(ii)b Rs. 443681
c Expenses 53(ii)c Rs.0
d Net profit 53(ii)d Rs.443681
Total 53 Rs. 443681
From business or profession other than speculative business and specified business
1. Profit before tax as per profit and loss account Rs.443681
2a. Net profit or loss from speculative business included in 1 Rs.0
2b. Net profit or Loss from Specified Business u/s 35AD included in 1 Rs.0
3. Income/ receipts credited to p/l act considered under other heads of income/chargeable u/s 115BBF
. a. Salaries Rs.0
. b. House property Rs.0
. c. Capital gains Rs.0
. d. Other sources Rs.0
. e. u/s 115BBF Rs.0
4. Profit or loss included in 1, which is referred to in section
44AD/44ADA/44AE/44B/44BB/44BBA/44BBB/ 44D/44DA/ Rs.443681
Extract is given below:
34. Income (13 + 25 - 33) 34 Rs.0
35. Profits and gains of business or profession deemed to be under -
i Section 44AD Rs.0
ii Section 44ADA Rs.443681
iii Section 44AE Rs.0
iv Section 44B Rs.0
v Section 44BB Rs.0
vi Section 44BBA Rs.0
vii Section 44BBB Rs.0
viiii Section 44D Rs. 0
ix Section 44DA Rs. 0
x First Schedule of Income-tax Act Rs. 0
xi Total (35i to 35x) Rs.443681
36. Net profit from profession (34 + 35xi)) Rs.443681
37. Net Profit from profession other than speculative business and specified business,
after applying rule 7A, 7B or 8), Rs.443681
Experts Please guide for me the error I have made in the return if any.
30 October 2017
Correct the profit as 443682 it will be accepted. You have declared profit less than 50%.
30 October 2017
But sir, My colleague has also received a notice wherein he has Shown Gross Receipts as 710000 and Profit as Rs 355000, exactly as 50%
30 October 2017
Exactly 50% is ok but here it's less than 50% by Rs 0.50.
Message likes :
1 times
30 October 2017
Agree with CA R Seetharaman Sir,
If you calculate 50% of 887363 its comes 443681.5 i.e you have to show the profit of 443682 but you had shown profit of 443681
If you calculate 50% of 887363 its comes 443681.5 i.e you have to show the profit of 443682 but you had shown profit of 443681
30 October 2017
Yes Sir, even I think so, however taking a clue from second case of my colleague, i feel Something else is also wrong. But Im unable to find the mistake.
30 October 2017
In your friend case he has shown exactly 50% of 710000 i.e Rs.355000 but in your case you have shown below 50% i.e by Rs.0.50
30 October 2017
In your friend case he has shown exactly 50% of 710000 i.e Rs.355000 but in your case you have shown below 50% i.e by Rs.0.50
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