Notice under section 139(9)

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Querist : Anonymous

Querist : Anonymous (Querist)

01 March 2016 Assessee has claimed loss under the head profit and gains of business or profession, however he has to fill Balance sheet and Profit and Loss account. Incase assessee's falls under section 44AD assessee also has to get his books of account audited if his income is less than 8% of the gross receipts. I have 5 lacs income from salry 2 lacs loss in stocks future (50 lacs turnover)and 50k income from Fd I have filled ITR4 and not filled balance sheet and Pl . I got above notice now all audit dates are over what should I do

Nikhil Kaushik

Nikhil Kaushik (Expert)
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01 March 2016 prepare the financial statements and get the audit done...audit can be submitted late.

Querist : Anonymous

Querist : Anonymous (Querist)

02 March 2016 Hi Nikhil,

Is ther any penalty on late audit ....is there any way to come out of this a perosn alraedy in loss and IT deptt rules are irritating

Nikhil Kaushik

Nikhil Kaushik (Expert)
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02 March 2016 see...you cannot sit and worry about penalties. there is penalty for not getting the audit done. So in case department wants to levy penalty, you are anyways liable today. So better try and finish it at the earliest.

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