my client doing granite trading business, i have filed income tax returns presumptive income u/s 44AD declared profit 5,53,691.00 total turnover about 69,21,130.00. deduction of remuneration and interest claimed 5,27,122.00 remaining profit of 26,569.00 and paid income tax 8210.00 including cess.
my query is i have received notice from CPC centre, as defective return u/s 139(9) and they have quoted some points, 1. assesse claiming expenses equal to the busines income. so my profit calculations is wrong or correct. please solve my problem and what i have to do next step.
i have forgot one thing that in the return i did not enter any balance sheet figures and profit and loss account. whether may be they have asked me to produce proper account details to claim deduction from declared income.
if it is so whether i have to file reply filing revised return please help me to solve the above problem,
09 March 2015
A return is considered defective for the above reasons that u had not produced any bs and pl figures and are claiming the deduction. Rectify the defect in 15 days otherwise return would be considered as void ab initio.
CAclubindia
