LIVE GST Certification Course by CA Arun Chhajer begins 27th April. Register Now!!

44AF

CA. Bhabani , FCA, DISA, DIRM (Chartered Accountant) (205 Points)

27 July 2010

For the A.Y 2009-10 IT return was filed on presumptive basis(Retail Trader) showing business income @ 8.5% of turnover.Intimation received alongwith demand notice where the income is assessed @ 17% of Turnover.Is it correct.If not how it can be rectified.Returned was filed with CPC bangalore .Pleas suggest.

Reply
Follow
Share

2 Replies

shyam sundar (Article Assisstant) (183 Points)
Replied 27 July 2010

Just go through your returns again sir the IT department might have failed to take any other loss or expenses reported by you, such as loss from house property or deductions under chapter VI A.

they wouldnt have taken the income directly at 17% of the turnover.

There might have been a possible mis placement of any items in the ITR.

kindly go through your ITR sir, you will find a possible error on both your side or in the IT Department.

because one of our client had same problem, when we verified the ITR we came to know that difference between our income and income assessed by IT department is due to failure of non inclusion of loss from house property.