05 July 2016
mr. x has received notice u/s sec 139(9) for ay 2015-16. filed in form ITR - 4S 1.Mr.X had shown Textile Trading under 44AD - 31,50,000.00 *8%under special business 2. Other source - interest income from money lending-216000/-
now Mr X recd notice,should not file in form ITR 4S. & FILE RELEVANT FORM.
ALSO X SHOWN NATURE OF BUSINESS IN ITR 1.TRADING 2.MONEY LENDING
06 July 2016
As you have mentioned 2 businesses, 8% will be calculated on total receipts of both businesses. But here only textiles business only considered for 44AD and profit declared is less than 8% of total receipts ( including money lending). That is why IT has mentioned should file under ITR 4. You can rectify the return. Please login and reply to the notice.
06 July 2016
I shown trading income Textiles under 44AD as business income & i treat money lending is my other source in memo.Now i have doubt that ,nature of business in ITR page mentioned 2 businesses 1.trading & 2.money lending . if i remove money lending from Nature of Business is ITR-4S is relevent form.
06 July 2016
I shown trading income Textiles under 44AD as business income & i treat money lending is my other source in memo.Now i have doubt that ,nature of business in ITR page mentioned 2 businesses 1.trading & 2.money lending . if i remove money lending from Nature of Business is ITR-4S is relevent form.
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