Error code 332

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BIPIN RATHOD (Querist)
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21 January 2019 I have received notice u/s 139(9) for A.Y.2018-19, error code 332 and error description that " tax payer has shown gross receipt or income under the head " profit and gains of business more than Rs.1 crore, however part A of profit & loss a/c and/or Balance Sheet have not been filled and the books of accounts have not been audited."

Yes I have filed ITR-3 for A.Y.2018-19 as per above error but I have shown this due to I have shown net profit above 8% as per 44AD, and paid tax accordingly. As per 44AD if the turnover is below 2 crore and net profit is above 8% than no requirement of tax audit & books of account.

Please suggest what reply I submit to Income tax department.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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22 January 2019 Yes you are right no need of tax audit and no need of furnishing p and l and balance sheet.
In such a case you should have filed ITR 4.
Correct ITR 3 opting 44AD and selecting no account case or file ITR 4.

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