Dear Expert,
ITR 3( individual -No Regular books) was filed for A Y 2018-19 with business and house property income ...the net buisness income after expense is around 248000 and gross receipts less than 10 Lakh. Total income is 254036 including house property The same was considerred defective under 139(9) for not giving P&l and Balance sheet stating 44AA limits crossed, books have to be maintained.
Finance Act 17 increased 44AA limit to 250000.So the same was quoted as response but the return stands invalidated.It is a refund case of around 3000
what is the course of action now?
4 Replies
Kapadia Pravin
(17259 Points)
Replied 21 January 2021
44AA mandates mandatory books of accounts. Unless there is a valid return, AO won't assess defective return and therefore refund won't be determined. To get refund, valid return is must.
Anuradha.S
(JOB)
(54 Points)
Replied 21 January 2021
Thank you.
Further 44AA states income and turnover limits. Here income means be income afyer expenses -Net profit Right?
Further 44AA states income and turnover limits. Here income means be income afyer expenses -Net profit Right?
Kapadia Pravin
(17259 Points)
Replied 21 January 2021
Yes income means income as reduced by expenses
Anuradha.S
(JOB)
(54 Points)
Replied 21 January 2021
Thanks.But A O has invalidated the return on the grounds of limit exceeding as per 44AA.Where by net profit is 248000 .Interest from SB account and house property makes it to 254000.So invalidating inappropriate right.So what to do now
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