Notice u/s 139(9)of income tax act, 1961

Chandra Prakash (Others) (17 Points)

22 September 2015  

Hi,

I have received a notice u/s 139(9) with error code 14 with the following error descripttion & resolution.

Error Descripttion: Tax Payer has entered negative amount in gross profit or net profit in Sl. No. 51b and 51d of Part B of Profit and Loss Account

Possible Resolution: Assessee has claimed loss under the head profit and gains of business or profession, however he has to fill Balance sheet and Profit and Loss account. Incase assessee's falls under section 44AD assessee also has to get his books of account audited if his income is less than 8% of the gross receipts.

I have incurred some losses in intra day trading and hence chose ITR-4 for filing. I have filled only two fields in section "P&L"  - No accounts case, 53 a (Gross Receipts) and 53b (Gross Profit).

Please let me know what should I do here. Do I need go for an audit? Or just fill Balance Sheet and P/L account (if so what are all the fields should I fill)?