Error code 332,Ref; Section 143(1B) Income tax,1961 read

Save Share

This query is : Resolved

Quick Summary

An individual received an Income Tax Notice under Section 139(9) with Error Code 332. This notice indicates that the taxpayer claimed business income exceeding Rs. 1 crore but failed to submit a balance sheet, profit and loss account, and audit report. The taxpayer questions the requirement for an audit, believing it's unnecessary if profits exceed 8% on a turnover above Rs. 1 crore, as per Section 44AB of the Income Tax Act, 1961. A Chartered Accountant offers assistance with this issue.

amiya ratan

amiya ratan (Querist)
Follow

29 August 2020 Sir
I got a Notice u/s 139(9) of income tax Act 1961,Error Code 332 the letter description "Tax Payer has claimed gross receipt of income under the head "Profit and gain of business more than Rs.1 crore,however he has not filled balance sheet and profit and loss account and has not got the books of account audited. So my Question is that as an individual his turnover cross 1 Crore but profit shown in the return above 8% then there was not required to submit file audited,but Income tax department wants to get audit copy U/S 44AB, is it correct? if there is any other to came out this problem Please help me, and i wants to say that there is option if turn over exceed Rs.1 Corer and he show profit above 8% then it was not required to audited, and from starting of his filing, return file did not required to audited as per turn over limit, So, why Income tax department wants file audited,
Please........
Please........
Please........
Please......
Help me