For your kind information, instructions to fill the itr are also issued by cbdt only along with itr which are notified on a year on year basis. When you are filling an itr, they have presumed that you have read the instructions as well.
With your permission, Can I ask you 1 question?
You must have filled nature of business schedule also. Or you said you have filled psr details. Why did you fill that? Was that mentioned in any section of the act that you filled it.
The answer to it is no. Just in similar manner, you are required to fill basic details to enable the AO to assess your case.
How will the AO come to know what are your gross receipts and have you claimed 8% and above income or below 8% income. For that purpose basic details are required like gross receipts/ turnover, total expenses claimed only in case of p&l. Because if turnover exceeds 1 cr or income is discloses below 8% then the assessee is subjected to tax audit.
If you go by the section 44AD of the act, it says gross receipts or turnover which you have not disclosed anywhere in your return. When you are opting for presumptive taxation, the fundamental rule is that your turnover should not exceed 1 cr. How can 1 say that he has opted for 44AD when turnover, the basic details is only missing in the itr
And I m not telling you to maintain books or fill p&l account, what I m telling is where an assessee has business income and has turnover less than 1 cr, then he has an option not to maintain books and claim 8% or above of gross receipts or turnover. And in such case required to fill no account case. I.e you have not maintained books and just have details of turnover, total expenses incurred, total debtors, cash balance, total creditors etc. In that case, each and every single item of expense is not required to be given.
In context to itr, I m talking to fill row 54 of p&l schedule. There are two seperate parts - 1-53 of p&l to be filled by either who is liable for tax audit or who are liable to maintain books. Row 54 has to be filled by those persons who have opted for presumptive taxation. Similarly Part c of balance sheet schedule has to be filled by those persons who has opted for presumptive taxation. They are not required to fill Part a or b of balancesheet schedule.
And as per the notice issued to you, it must have been said to fill p&l account schedule and not give p&l account. I.e fill no account case details of p&l schedule to be more precise. Also fill no account case of balancesheet schedule also to avoid any further tax notices.
Also please get it done within the time prescribed of 15 days as it is likely if you don't respond to the notice and do according to the notice, it may presume that return is invalid and not filed for the said year
Hope you find it in order.
CAclubindia
