Hi,
Last Aug (2016) I filled an ITR 4 on behalf of a LIC agent. His total commission generated during the financial year was 2.6 lac. As he doesn't mainatain books of accounts, I shared the income details in "No account case". And as an approx expense was taken as 18% of the total income.
Now he received a notice about the defect in ITR under clause 139 (9) (d), please help what should be done now.
Thank you!
Generally, P&L & BS are required to be filled.
For complete procedure follow: https://incometaxindiaefiling.gov.in/eFiling/Portal/StaticPDF/Response_Defective_Return.pdf
Dear Sir,
Thank you for your response.
However, the payee doesn't maintain books of accounts and also, the ITR was filled under "No account case". Please assists what should be best in this case.
Regards,
Vivek
Being commission income, section 44AD is not applicable, hence books of accounts are must.
Prepare P&L acc and BS and upload revised return.
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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