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Sec 44AD

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CA Ankita Sankhala (Querist)
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02 December 2019 I have filed return of one of my client having income under section 44AD (T/o was 1.5 cr); there was also capital Gain so we filed ITR 3, Since Section 44AD doesnot require P&L we have not prepared the same.
But now I have received the notice u/s 139(9) having error as : "Tax Payer has claimed gross receipt or income under the head “Profits and gains of Business or Profession” more than Rs. 1 crore; however, he has not filled Balance sheet and Profit and Loss Account and has not got the books of accounts audited."

Kindly provide me the solution for the same.

Thanking in advance.

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Aashok Kumar Sharma

Aashok Kumar Sharma

(Expert)
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04 June 2020 https://taxguru.in/income-tax/section-44ad-section-44ada-compulsory-maintain-books-accounts-section-44ab.html
https://taxdesign.in/what-is-section-44ad-a-presumptive-taxation-scheme/

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