Itr query
This query is : Resolved
12 March 2015
Dear Friends / Experts,
Please guide me on the following, IF POSSIBLE:
Medical Professional filed Return of Income (belatedly) as NO ACCOUNTS CASE, whose Gross Receipts is Rs.23.50 Lacs and Expenses incurred Rs.24.50 Lacs for AY 2013-14 and the Net Loss Rs.1 Lac.
(Note: Balance Sheet Unfilled. Only P&L filled in NO ACCOUNTS CASE fields).
CPC observed defects in the ITR filed and mentioned Error Code 23 and 14 in their notice and directed the Assessee to file ITR under Section 139(9).
Error Code 23: Where assessee furnish total of amount deducted in Sl.no.2,3,4 and 5 of Schedule BP should be consistent with Total credits in the P and L Slno.5
Error Code 14: Assessee entering negative amount in gross profit or net profit.
The Assessee has just uploaded the same XML under Section 139(9).
Query
CPC processed the Return and raised demand.
CPC did not consider Business Loss of Rs.1 Lac and it is clear in Intimation and Annx – Sch CYLA (as computed) forming part of Intimation.
Please guide for possible remedy on the above matter.
Thanks in advance for possible replies from all concerned.
Please guide me on the following, IF POSSIBLE:
Medical Professional filed Return of Income (belatedly) as NO ACCOUNTS CASE, whose Gross Receipts is Rs.23.50 Lacs and Expenses incurred Rs.24.50 Lacs for AY 2013-14 and the Net Loss Rs.1 Lac.
(Note: Balance Sheet Unfilled. Only P&L filled in NO ACCOUNTS CASE fields).
CPC observed defects in the ITR filed and mentioned Error Code 23 and 14 in their notice and directed the Assessee to file ITR under Section 139(9).
Error Code 23: Where assessee furnish total of amount deducted in Sl.no.2,3,4 and 5 of Schedule BP should be consistent with Total credits in the P and L Slno.5
Error Code 14: Assessee entering negative amount in gross profit or net profit.
The Assessee has just uploaded the same XML under Section 139(9).
Query
CPC processed the Return and raised demand.
CPC did not consider Business Loss of Rs.1 Lac and it is clear in Intimation and Annx – Sch CYLA (as computed) forming part of Intimation.
Please guide for possible remedy on the above matter.
Thanks in advance for possible replies from all concerned.
13 March 2015
Seems this is a processing error though the schedule of the return has been filled up correctly as per clause 12(d) of the instruction to ITR-4.
Suggested remedy is to file a rectification and appeal simultaneously.
Suggested remedy is to file a rectification and appeal simultaneously.
13 March 2015
Thanks for your reply.
I have just found out the answer for my query, which I share to you.
You may go through the URL given below
https://incometaxindiaefiling.gov.in/e-Filing/UserLogin/LoginHome.html#EDF4
Error Code 14:"Assessee is entering negative amount in gross profit or net profit at Serial number 51b and /or 51d. of Part B of Profit & Loss Account" Description:
In case where regular books of accounts are not to be maintained, assessee can furnish the data in serial number 51 of Part B of Profit & Loss Account ("No Account Case"). However, all the rows i.e 51a to 51d needs to be filled in.
If negative amount derived in Net profit at Serial number 51 d, assessee has get his books audited.
I have just found out the answer for my query, which I share to you.
You may go through the URL given below
https://incometaxindiaefiling.gov.in/e-Filing/UserLogin/LoginHome.html#EDF4
Error Code 14:"Assessee is entering negative amount in gross profit or net profit at Serial number 51b and /or 51d. of Part B of Profit & Loss Account" Description:
In case where regular books of accounts are not to be maintained, assessee can furnish the data in serial number 51 of Part B of Profit & Loss Account ("No Account Case"). However, all the rows i.e 51a to 51d needs to be filled in.
If negative amount derived in Net profit at Serial number 51 d, assessee has get his books audited.
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16 March 2015
It is Part-A and not Part- B. Instruction 12(d) says to fill up 51a to d (asst.yr 2013-14).
Pl give URL/ reference for mandatory audit if 51d is -ve.
Pl give URL/ reference for mandatory audit if 51d is -ve.
16 March 2015
I only wanted to share the information noticed by me and the way, CPC is processing such Returns.
In fact, I am also interested to know, whether the FAQ, as given in URL can mandate the audit for the Assessee, whose Books are not required to be audited.
Certainly, if I find anything relevant on the subject, I will share.
In fact, I am also interested to know, whether the FAQ, as given in URL can mandate the audit for the Assessee, whose Books are not required to be audited.
Certainly, if I find anything relevant on the subject, I will share.
Message likes :
1 times
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