Respected Sir,
I have a medical store and till last year I was filling ITR-4 in 44AD with limited profit under 0202-Retailers business code. Nothing got changed from last year to this year with respect to earning. This year I filled ITR-4 in 44AD with business code 18009-Medical suppliers, agencis and stores but got a notice u/s 139(9) of income tax act, 1961 with following error desription
"As per Section 44AD(6) of the Income Tax Act, 1961, the
provisions of Sec.44AD are not applicable to – (1) persons
carrying on professions that are referred to in
Sec.44AA(1), (2) persons earning income in the nature of
commission or brokerage, and (3) persons carrying on any
agency business.As seen from the return of income filed,
the nature of business code mentioned is which falls in the
categories mentioned above. Hence, the provisions of
Sec.44AD are not applicable, in your case."
Can you please let me know to which business code should I change? I can see there are 2 relevent code apart from the one that I had filled earlier
1. 09023 - Retail sale in non-specialized stores
2. 09028 - Retail sale of other products n.e.c
Thanks and Regards,
Prasant
CAclubindia
