Notice for nms
This query is : Resolved
Kollipara Sundaraiah
(Querist)
09 February 2019
One registered regular dealer trading kirana business.total turnover 2017_18 rs.70 lakes.but I.t return not filed.recent notice received nonfiling of returns (nms) sft code 003 from I.t department.
1) notice reply submit only.
2)I.t. return filed compulsory.
1) notice reply submit only.
2)I.t. return filed compulsory.
Amol S Joglekar
(Expert)
09 February 2019
submit the reply and file the itr
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Ashish Bansal
(Expert)
09 February 2019
As per Section 44AD the presumptive income shall be 8% of turnover. In case turnover is 70 lacs, presumptive income shall be 5,60,000 which is more than taxable limit. Therefore apparently Income Tax Return should have been filed. You should submit response to Notice and then should submit the ITR.
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