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139(9) income tax notice..pl help..
Hi members
I have received notice from income tax regarding rectification sec 139(9) becoz i filed loss in f&o moreover i am not maintaining books of account..my turnover was 5 lakhs and have loss of 20 k rs...as per notice my books are not audited...my question is whether i can file rectification return with 8% profit i.e 40 k rs and i fall in 20% slab so pay around 8 k to IT...becoz audit and other charges will cost me around 12 to 15 k....also i have previous year loss to carry forward...so whther i can set off against this profit shown?
Pl help....IT is discouraging small retail investor to use f&o ...audit and all are really troublesome.
Replies (2)
Most of A'ee facing same problem (includes who have speculative nature) but what logic is there to apply presumptive basis on speculative income
Dear sir...thanks for reply...but how to handle this...can i show profit 8% an let go....one side i face loss and second side i have to pay govt/audit fees also.
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