44ada

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CA Nidhi Kanabar (Querist)
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21 March 2018 Hi,
can any one solved my query
i have file income tax return for the asst Yr 2017-18 and recd 139(9) notice which is containing defective return and shows in part -A taxpayer having income under the head profit & gains of business or profession but has not filed balance sheet & p/L a/c as required in explanation(d) under 139(9) read with section 44AA . I want to go for 44ADA now but my net profit is less than 50% in filed original income tax and it will be liable for 44AA & 44AB what to do now ??
PLEASE REPLY SOON because 31/03/2018 is last date for filing of return otherwise it wont be invalid.

RAJA P M

RAJA P M (Expert)
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21 March 2018 First of You ll Elobrate Your query... * What is your nature of Business / Income * What is your Turn Over * What about Your transactions

Nikhil Kaushik

Nikhil Kaushik (Expert)
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22 March 2018 assuming that your profession is covered under 44AA(1), in case you which to show profit less than 50%, the audit is compulsory.

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