I have received a notice from IT dept u/s 139(9) that says that I have to fill balance sheet section. As I have only professional income of Rs. 209400 and shown expenses of Rs. 59830 in P&L section. And net profit shown is Rs. 149750. As I am not maintaining any book for that what to fill in balance sheet section?
07 December 2016
as per section 44AA (1) Every person carrying on legal, medical, engineering or architectural profession or the profession of accountancy or technical consultancy or interior decoration or any other profession as is notified by the Board in the Official Gazette shall keep and maintain such books of account and other documents as may enable the Assessing Officer to compute his total income in accordance with the provisions of this Act. In view of above and since your income as more than Rs. 1.20 Lakh you should have maintained Book of Accounts
07 December 2016
I got it sir. But now I have to file it again within 15days of notice received. What should I fill in balance sheet? Please give solution
CAclubindia
