CCI Online Learning
What do you want to learn today?
     
CIBIL

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Rectification U/s 139 (9)

This query is : Resolved 

Dear Friends,

One of my friend has received a rectification notice from Income Tax Department fo FY 18-19 return.
He had received Rs.567000/- as professional income from a company which deducted 10% TDS and deposited money in his account. To earn this income he had paid around 3 lacs to some other professionals, after paying the amount actual income of his comes to 2 Lac Rs. In the return we have shown 2 lac as his income and TDS 56700/-. Here Income Tax Department says that the total income to be shown is Rs. 567000/-. How shall i make the Income Tax Authorities understand that only Rs. 2 Lac is his taxable income. Please help me in this. I need solution for this.

Regards,
Yajuvendra Rawat


Show gross income as 567000 and claim 3 lacs as expenses in the return.
You can file ITR 4 u/s 44ADA.

I was planning to do that but was not sure. Thank You Sir thank you so much

Welcome.................

Sir,

Is it ok if i show 567000 as income and expenses amounting to 368000 in the revised return. Balance Rs. 198980 i will offer for Income Tax, as it was offered earlier the only difference will now be the return filed U/s 44ADA as suggested by your goodself. Is it ok if the refund remains unchanged.

Please let me know.

Show 567000 as income and expenses amounting to 368000 in the revised return. Balance Rs. 198980 i will offer for Income Tax, as it was offered earlier.


If assessee will file ITR-4 then Profit will be shown Rs. 283500/- as per sec 44ADA...

Yes add Rs 1 to the above profit so that ITR software accept it.

Respected Sir.,
I can't understand Sir...

ITR software donen't allow exactly 50%.


You need to be the querist or approved CAclub expert to take part in this query .


Click here to login now



Similar Resolved Queries :





Trending Tags
itc
newgstreturn
gst return
companies act 2013
income tax
ca
icsi
audit
career
epfo
Excise
corporate law
VAT
law
sebi
dgft
tcs
exams
ca students
mca
Union Budget
Service Tax
coronavirus
icai
close
GST Live Class

FM by Grant Thornton    |    x