Hi,
I have a few queries regarding my filing of AY17-18 returns.
I have filed via presumptive income 44AD scheme. However last week I recieved notice under 143 section that there is inconsistency in amount shown under 44ADA against Form 26AS.
I run a HR consultancy firm and have over 10 employees working for my firm. We provide both staffing , training and HR administration services. Usually when some clients (corporate/companies) pay my invoices, they deduct charges of TDS under section 194J under technical consulting.
But the noticed recieved, it is asking to match 26 AS under 44ADA which is professional. How should I file the return for my business under 44AD? Also for 44ADA, My income is not coming under professional head listed under selected list of professionals. As I am running a consulting business, its not a profession.
- If 44ADA is the only option, it cannot be used by me as the limit is up to Rs 50L, and my firm gross income is above that by few lakhs. In that case, what is the other option? Also, I have not maintained full book of records such as travels, trainings, etc. Or conducted any audit of accounts. Is it possible to do audit for Ay 17-18 now? Otherwise will it be OK to file without these documents under regular IT return (non-presumptive)? And is there any fine?
- One more thing I am not clear on, last year I have filed under same 44AD.And it was fine. But now I am getting a notice. Is there a change in the law for the past year?
Thanks.
CAclubindia
