Dear all,
For the Assessment Year; 2020-2021, I got an e-mail from CPC, saying that my filed return is defective.:
Error Descripttion
Taxpayer is offering Income under the head Profits and gains from Business or Profession. Hence, as per the provisions of Sec.44AA, the taxpayer is required to maintain books of accounts. However, as seen from the return, the taxpayer has not filled up Part A of the Profit and Loss Account and Balance Sheet. Further, income from business has not been offered under presumptive taxation, if eligible
Probable Resolution
The Part A of the Profit and loss account and Part A of the Balance Sheet should be entered in the corrected return without which the return filed earlier is liable to be treated as invalid.
Kindly advise me how to deal with this problem. Can it be done thru 'New IT Portal'?
CAclubindia
