Defective return 139(9)
This query is : Open
Boopathiraja
(Querist)
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
KINDLY SUGGEST ME.HOW TO REACT FOR REPLY.
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
KINDLY SUGGEST ME.HOW TO REACT FOR REPLY.
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.
Boopathiraja
(Querist)
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.
Boopathiraja
(Querist)
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
its enough. But you have to confirm whether your state laws allows such lending without registration to avoid problems in future.
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