Rectification U/s 139 (9)
This query is : Resolved
22 October 2019
Dear Friends,
One of my friend has received a rectification notice from Income Tax Department fo FY 18-19 return.
He had received Rs.567000/- as professional income from a company which deducted 10% TDS and deposited money in his account. To earn this income he had paid around 3 lacs to some other professionals, after paying the amount actual income of his comes to 2 Lac Rs. In the return we have shown 2 lac as his income and TDS 56700/-. Here Income Tax Department says that the total income to be shown is Rs. 567000/-. How shall i make the Income Tax Authorities understand that only Rs. 2 Lac is his taxable income. Please help me in this. I need solution for this.
Regards,
Yajuvendra Rawat
One of my friend has received a rectification notice from Income Tax Department fo FY 18-19 return.
He had received Rs.567000/- as professional income from a company which deducted 10% TDS and deposited money in his account. To earn this income he had paid around 3 lacs to some other professionals, after paying the amount actual income of his comes to 2 Lac Rs. In the return we have shown 2 lac as his income and TDS 56700/-. Here Income Tax Department says that the total income to be shown is Rs. 567000/-. How shall i make the Income Tax Authorities understand that only Rs. 2 Lac is his taxable income. Please help me in this. I need solution for this.
Regards,
Yajuvendra Rawat
23 October 2019
Show gross income as 567000 and claim 3 lacs as expenses in the return.
You can file ITR 4 u/s 44ADA.
You can file ITR 4 u/s 44ADA.
23 October 2019
I was planning to do that but was not sure. Thank You Sir thank you so much
24 October 2019
Welcome.................
30 October 2019
Sir,
Is it ok if i show 567000 as income and expenses amounting to 368000 in the revised return. Balance Rs. 198980 i will offer for Income Tax, as it was offered earlier the only difference will now be the return filed U/s 44ADA as suggested by your goodself. Is it ok if the refund remains unchanged.
Please let me know.
Is it ok if i show 567000 as income and expenses amounting to 368000 in the revised return. Balance Rs. 198980 i will offer for Income Tax, as it was offered earlier the only difference will now be the return filed U/s 44ADA as suggested by your goodself. Is it ok if the refund remains unchanged.
Please let me know.
31 October 2019
Show 567000 as income and expenses amounting to 368000 in the revised return. Balance Rs. 198980 i will offer for Income Tax, as it was offered earlier.
31 October 2019
If assessee will file ITR-4 then Profit will be shown Rs. 283500/- as per sec 44ADA...
31 October 2019
Yes add Rs 1 to the above profit so that ITR software accept it.
31 October 2019
ITR software donen't allow exactly 50%.
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