Defective return u/s 139(9)

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This query is : Resolved

Amit C Vora (Querist)

22 February 2017 Dear Sir/Madam i am file my return for the A.Y,2016-17 in ITR4 and i will show income head of profit & gains.My income is commission and i am not claim any expenses and full amount show in return & i am also not filed Balance sheet & profit & loss account with him.Now i am received notice from IT departments,say that your return filed by you is defective and show the error that you can not filed balance sheet & profit & loss account.so what Should be i do return revised or what reply should be given to IT departments.

regards
Amit

CA Hariprasad Nayak

CA Hariprasad Nayak (Expert)

22 February 2017 Dear Amit,

Commission income is business income. Any person having business income of more than Rs 1.20 Lakhs or turnover of Rs 10 Lakhs is required to maintain books of accounts under Section 44AA. If you fall in any of these categories, you are required to maintain books of accounts. Furnishing details of balance sheet and P&L in the return of income is mandatory. Therefore, your return is considered as defective.

Action required- Get assistance from a tax consultant for preparation of a simple statement of affairs. Include all your assets and liabilities in the said SOA. Upload return with schedules relating to Balance sheet and P&L updated within the prescribed time.

Hope the above clarifies.

CA Hariprasad Nayak

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Amit C Vora

Amit C Vora (Querist)

23 February 2017 Thank for your quick reply
regards
Amit

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