Notice u/s 139(9) futures and options trading

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Venkatesh (Querist)
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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.

Amol S Joglekar

Amol S Joglekar (Expert)
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03 October 2015 Get the accounts audited and upload the audit report.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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03 October 2015 Fill balance sheet and profit and loss account.

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Venkatesh

Venkatesh (Querist)
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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

Bala

Bala (Expert)
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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

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Amol S Joglekar

Amol S Joglekar (Expert)
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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.

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