Sir, I have a business of Computer maintenance and repairing with no professional certificate. I filed ITR-4 for AY-2018-19 with business code 14008 at section 44AD. My gross receipt is 4,52,000 and declared profit is 2,80,000 and FD interest is 1,53,000. Now I have got a notice with error code 86. What shall I do ? Some says fill ITR3 but other says fill at section 44ADA. Last year I filed with code-0714. Please help.
2 Replies
toshiba agarwal
(10 Points)
Replied 20 September 2018
Actually you must have filed the return last year with complete balance sheet and profit and loss and not in presumptive basis so due to applicability of section 44AD(6) you will have to maintain books of accounts and get them audited if your TI exceeds basic exemption limit and you can not avail benefit of section 44AD for next 5 years.
Sanjoy Roy
(Businessman)
(28 Points)
Replied 21 September 2018
In AY-2017-18 I filed ITR-4 in presumptive basis in section 44AD with business code 0714 (service sector others) and in the current Assesment Year i.e. AY-2018-2019 I also filed ITR-4 in presumptive basis but with business code 14008 (Maintenance and repair of office, accounting and computing machinery) and I have got the notice.
Recent Topics
- Urgent doubt on GST
- Profit or Loss on Sale of Assets Accounting treatm
- Clarification on RCM on Rent Payment for QRMP Deal
- Reclaimed itc in gstr9
- Gamification in Accounting Software: Boosting Enga
- I want to knw Hsn code and gst rate of resin produ
- Schedule FA clarification
- Income tax on freelance income from crypto
- ITC temporary reversal and reclaim
- Query on Transactions
Related Threads
CAclubindia
