Notice u/s 139(9)
This query is : Resolved
12 February 2015
one of our client received notice u/s 139(9).
Error mention under Annexure A is "Assessee is entering negative amount in gross profit or net profit."
But Assessee has an income from Commission and brokerage & this income is not covered u/s 44AD & his net income is negative & as per 44AB when income is more than 1 Cr. then we required to do audit.
And his gross receipt is less than 10 lac so he is also not required to maintain books of accounts.
thatsway I hv shown following data in S.No. 53 (a) to (d)
gross receipt - 78600
Gross Profit - 78600
Expenses - 199400
Net Profit - 120800
Now plz tell where i am wrong & suitable solution of this problem.
Error mention under Annexure A is "Assessee is entering negative amount in gross profit or net profit."
But Assessee has an income from Commission and brokerage & this income is not covered u/s 44AD & his net income is negative & as per 44AB when income is more than 1 Cr. then we required to do audit.
And his gross receipt is less than 10 lac so he is also not required to maintain books of accounts.
thatsway I hv shown following data in S.No. 53 (a) to (d)
gross receipt - 78600
Gross Profit - 78600
Expenses - 199400
Net Profit - 120800
Now plz tell where i am wrong & suitable solution of this problem.
12 February 2015
Pls refer sec 44AA where if total income is more then 1.20 lakhs then books of accounts needs to be maintained mandatory.
If your gross profit is 78,600 and - exp is 1,99,400 then there is a net loss of 120,800 and not net profit as written by u so rectify the defect in the return within 15 days of receiving the notice u/s 139(9).
If your gross profit is 78,600 and - exp is 1,99,400 then there is a net loss of 120,800 and not net profit as written by u so rectify the defect in the return within 15 days of receiving the notice u/s 139(9).
12 February 2015
ok... so in that case I have to feed full data in Part A P&L Instead of S.No. 53 a to d
12 February 2015
Column 53(a) to (d) is filled correctly. Negative figure should enter in column 53(d).
Did you fill Schedule BP. If not, Column A1,6,10,13,33,35,36 and D should be filled with figure (-)120800.
Seems no other mistakes in your ITR-4.
Did you fill Schedule BP. If not, Column A1,6,10,13,33,35,36 and D should be filled with figure (-)120800.
Seems no other mistakes in your ITR-4.
12 February 2015
follow as told by warrier sir..............
13 February 2015
yes sir I hv filled all this columns even though I got notice .
Please tell me sir what to do next b'coz same notice is received by one more client of mine his income is from consultancy given to bank & he is an engineer.
Please tell me sir what to do next b'coz same notice is received by one more client of mine his income is from consultancy given to bank & he is an engineer.
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