Notice u/s 139(9) futures and options trading
This query is : Resolved
03 October 2015
I have Filed ITR 4 with Loss on Futures and Options trading. Received defective notice.
error description: Tax Payer has claimed loss under the head “Profits and
gains of Business or Profession”; however, he has not
filled Balance Sheet and Profit and Loss Account and has
not got the books of account audited.
Please suggest to fix this. Thank you.
error description: Tax Payer has claimed loss under the head “Profits and
gains of Business or Profession”; however, he has not
filled Balance Sheet and Profit and Loss Account and has
not got the books of account audited.
Please suggest to fix this. Thank you.
Amol S Joglekar
(Expert)
03 October 2015
Get the accounts audited and upload the audit report.
CA R SEETHARAMAN
(Expert)
03 October 2015
Fill balance sheet and profit and loss account.
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03 October 2015
Thank you for the reply. Whether Audit is required or submitting the balance sheet and Profit and loss account is enough
04 October 2015
If the total of absolute value of losses and profits on options trading exceeds Rs.100 lacs, then accounts are to Abe audited u/s 44AB. If the total is less than Rs.100 lacs and your total income for the year exceeds the maximum limit not chargeable to tax, then also your accounts are to be audited
Message likes :
1 times
Amol S Joglekar
(Expert)
04 October 2015
139(9) gives you directions to rectifythe defects. Now the course of action you have is do as directed in 139(9). The academic or intellectual interpretation, if any, should be done once 139(9) is dealt with.
So? Get the tax audit done. Upload the balance sheet and Profit and loss account.
So? Get the tax audit done. Upload the balance sheet and Profit and loss account.
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