Notice under section 139(9)

This query is : Resolved

Tushar Patel (Querist)
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30 August 2016 Dear sir,
we have received notice u/s 139(9) error 31 i.e. Tax payer having income under the head " Profits & gains of business or profession" but not filled balance sheet and profit & loss account.

we have selected " if regular books of account of business and profession are not maintained" and we had shown only business income amount, so in that case what we have to do ?

Shridhar Hegde

Shridhar Hegde (Expert)
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30 August 2016 Filed the revised return and put the xml of the same in IT department demand pending section

Tushar Patel

Tushar Patel (Querist)
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30 August 2016 but sir while filling revised return we have to show full balance sheet and profit & loss account ? or we can continue with selection " if regular books of accounts is not maintained " ?

Shridhar Hegde

Shridhar Hegde (Expert)
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30 August 2016 If income received from proffession you have to file only profit and loss accountno need of balance sheet. If the income received from business you have to show both.

Rule 6F (1) provides that if the gross receipts of a profession do not exceed Rs 1,50,000 in any one of the three years immediately preceding the previous year or where the profession has been newly setup in the previous year, his total gross receipts in the profession for that year are not likely to exceed the said amount, no need of showing mantained books of accounts.

Section 44AA of Income Tax Act and rule 6F of Income Tax rules deal with the provisions regarding maintenance of books of accounts under Income tax Act. As per section 44AA(1) read with rule 6F the persons carrying on any of the profession are required to maintain books of accounts and other documents as may enable the assessing officer to compute his total income, if yearly gross receipts of the profession exceeded Rs 150000.
I hopu you are cleared now..

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