Loss under professional income
This query is : Resolved
08 October 2015
i have filed my ay 2014-15 return within due date disclosing a loss of 46000 against my professional receipts of 250000.iam also having salary income for that AY. for this AY i have received notice u/s 139(9)specifying that b/s,p&l has not been filled up and books of accounts have been not audited as error 32.
notice has a probable resolution as follows
'Taxpayer 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.
i just checked my AY 2014-15 XML, and found that i have filled the details of p&l a/c by booking all the relevant expenditure incurred but i didnt fill up balance sheet details.
my question is " whether filing up the balance sheet figures are sufficient to file the revised return in response to 139(9) or getting the books of accounts audited is also mandatory as i disclosed a loss of rs46000?
notice has a probable resolution as follows
'Taxpayer 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.
i just checked my AY 2014-15 XML, and found that i have filled the details of p&l a/c by booking all the relevant expenditure incurred but i didnt fill up balance sheet details.
my question is " whether filing up the balance sheet figures are sufficient to file the revised return in response to 139(9) or getting the books of accounts audited is also mandatory as i disclosed a loss of rs46000?
08 October 2015
Since you are saying it is profession, in case there is a loss there is no necessity to get your books of accounts audited. If you have maintained proper books of accounts then fill in the balance sheet and file the returns u/s 139(9)
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